How To Register A Cooperative Company In South Africa
A company formation known as a co-operation (co-op) enables a group of people to purchase goods, services, or raw resources in quantity. The Co-op will subsequently sell these goods and services to the general public as well as its members (owners). The Co-op’s members split any and all profits (surpluses).
The registration procedure is:
(1) Apply
Applying for this service is simple. Just fill out the necessary application form on your customer account. Your application will be processed as soon as possible by a consultant from our CIPC Department.
(2) Making ready the documentation
The documentation needed by your Co-operative for this service will then be prepared by our CIPC Department.
(3) A cooperative submission to the CIPC
Your Co-operative Registration will be submitted once the necessary paperwork is set up at the CIPC and eagerly anticipate their comments.
(4) Delivery of cooperative certificates
Your Co-operative Certificate will be updated by CIPC and sent to us. Your Co-operative Certificate and more details about your shareholding will be made available on your Customer Account (we’ll let you know through email).
How long does it take in South Africa to register a cooperative?
If all paperwork and the constitution are correctly filled out, the registration procedure typically takes 2 to 4 weeks to complete.
Requirements:
It’s possible that none of the members have ever been ruled bankrupt in South Africa.
At least two Directors.
Each Director is required to have a legitimate ID card and a South African physical address.
How may a cooperative be registered with CIPC?
Applying for this service is simple; just log into your customer account and fill out the necessary application. Our CIPC Department will get in touch with you and begin processing your application as soon as possible.
Can a cooperative make profit?
The idea that co-ops lack profit or require it is untrue. In truth, co-ops need to be profitable just as much as other types of businesses do; the difference is what co-ops do with their profit.
Making a cooperative and registering it
How to register a cooperative when participants have a D-number, which is Norway’s national identification number:
Create the cooperative by creating and signing the articles of association and the memorandum of association.
If the founders are required to make a donation you should request that the bank open an account under foundation for the cooperative. Deposit the contribution and request a bank confirmation. (An opening balance and a statement that has been signed by the founders and verified by the auditor must be prepared if the contribution will be made up of non-cash assets (non-cash contribution)).
Coordinated register notification form should be used to register the cooperative. Include your bank’s confirmation as well as the articles of association and the memorandum of association. If the cooperative is going to have an auditor, the auditor must electronically sign the notification. This is required if any contributions are going to be made that are made up of non-cash assets.
Deliver the alert for signing. Then, a notification for signing will appear in your Altinn “inbox,” which you can use to sign the document.
