How to Register A CC in Namibia

What is a Close Corporation?

A privately held company, private company, or close corporation is a corporation not owned by the government, non-governmental organizations and by a relatively small number of shareholders or company members, which does not offer or trade its company stock (shares) to the general public on the stock market exchanges, but rather the company’s stock is offered, owned and traded or exchanged privately or over-the-counter. More ambiguous terms for a privately held company are closely held corporation, unquoted company, and unlisted company.

Where how to register a close corporation in Namibia

These are the procedures to register for a Close Corporation in Namibia;

• Copy of the approved form for name reservation.
• Founding statement in triplicate.
• Consent letter from the accounting officer.
• Certified Copy of passport in case of foreigners.

Frequently Asked Questions

How long does it take to register a CC in Namibia?

How long does it take to register a CC? A Name Reservation takes between 1-3 days. A Founding Statement can be registered within 3-5 days afterward depending on whether you have submitted your documents on time, and the workload of the registrar’s office.

Does a CC have directors in Namibia?

Both Close Corporations (CC) and Private Companies (Pty) count as a legal entities and have limited liability of members or shareholders. The shareholders own the company and appoint directors (which may be shareholders) to run it for them.

What is a CC company?

A close corporation is a legal entity much like a company. A CC is run and administered by its members, who must be natural persons (i.e. not other legal entities). A close corporation’s members are like a company’s shareholders. These extra requirements made the close corporation a much more attractive business form.

What documents are needed to register a company in Namibia?

The following supporting documents are required: o Certified identity copy of applicant; o Certified copies of the Identity Documents or passport of the Directors and Incorporators; o The name confirmation certificate (COR9.

Does a CC have share certificates in Namibia?

Both a PTY LTD Company and a Close Corporation have a Certificate of Incorporation. In this capacity they act similarly to the Members of a Close Corporation. A shareholder does not have to be a director, and a director does not have to be a shareholder.

Where can I register my small business in Namibia?

• the Ministry of Finance (registration for VAT and Company Tax)
• the Ministry of Labour.
• the Ministry of Home Affairs (work permits, visas, etc.)
• the Social Security Commission.
• NAMFISA.

How many members can a CC have in Namibia?

A Close Corporation has members. It can have only one member or it can have up to ten, and no more than ten, members. The members of a Close Corporation can be either a natural person, or a Trust.

What is the difference between a Pty Ltd and a CC in Namibia?

A Pty stands for Proprietary Limited which means it is a privately held company, and a CC which is a closed corporation are is usually chosen by smaller business owners.

Does business rescue apply to CC in Namibia?

Therefore, the answer to your question is ‘yes’ you can initiate business rescue proceedings in respect of your close corporation and such proceedings would follow the provisions of the Companies Act.

How do I change my CC name in Namibia?

• Click on”On-line transacting”/Name Reservation;
• Login using your Customer Code and Password;
• Click on Name Reservations/Proposed Name;
• Click on “Proposed Names”;
• Capture one to four names in order of preference.
• Click on “Submit Proposed Name”.

Can you sell a close corporation in Namibia?

“When selling a business that is operated in a company or close corporation, the sale can either be structured as the sale of the business out of the company or CC, or the sale of the shares/member’s interest in the company or CC.

How many members are needed to form a corporation in Namibia?

To form a new domestic corporation under the Revised Corporation Code, two or more persons, but not more than 15, may organize themselves and form a corporation. Only a One-person Corporation (OPC) may have a single stockholder, as well as a sole director.

Is it possible to register a new Close Corporation in Namibia?

Can I register a new close corporation (CC)? No, after the implementation of the new Companies Act (Act 71 of 2008) no CC can be registered and no conversions from Companies to CCs will be allowed. However, the existing CCs will be maintained.

Can a CC own shares in a company in Namibia?

Membership in a CC, however, is restricted to natural persons only. There is no restriction to the maximum number of shareholders in a private company (compared to a CC where members are restricted to a maximum of 10).

What is CC registration in Namibia?

Once registered with the Companies and Intellectual Property Registration Office (CIPRO), a CC is considered a legal person, owning its assets and trading in its own name. A CC then: May contract with other parties or be sued in a court of law.

What happens to a Close Corporation when the owner dies in Namibia?

Where a member of a close corporation dies and provides in his or her will that his or her interest in a Close Corporation must devolve upon one or more of his or her heirs, the transfer of such interest in the close corporation is not effected by a formal deed of transfer, but by the executor appointed in the estate.