Eight things you need to know when you buy a shelf company
Buying a Shelf company on the internet? Here are some of the issues that might arise when you decide to buy a shelf company online.
- The shelf company’s Registered Office Address will be that of the company that formed it, so if you don’t want to keep that address you must ask them to change it, otherwise you will be charged for using their address
- You can’t open a bank account until you are registered as the director(s), unless we do it for you.
- Your appointment as a director is immediate, so you can act for the company, however, some institutions (banks etc per the above) will check the CIPC company registration to confirm your directorship. In those instances, you’ll often satisfy them by producing the resolution appointing you as a director.
- The date of change of director is not the date of registration at CIPC, but is the date set out on the resolution and is usually the date on which you bought the shelf company.
- If you want to change the name, we can usually give you a fair idea of whether your choice of name will be allowed by CIPC.
- While the name is being changed at CIPC you can be “trading as” another name, but don’t put (Pty) Ltd on the end.
- We need to follow a particular sequence in order to avoid conflict of information:
- Open the bank account and give you sole signing powers
- Register you as the director at CIPC
- Change the name of the shelf company you bought online
- The share transfer is immediate and is not registered with CIPC