Happy New Year to all our clients!
New South Wales, Australia — (SBWIRE) — 12/12/2012 — Despite the fact that the whole world is hit by economic crisis, trading seems to have not that affected by it and still finding its way to grow. Obviously, not at the pace that one has seen in the past but still the graph is ticking up, which is a good thing even in this economic crisis. Trading is one of many ways to earn foreign exchange for the country, which means more wealth and progress. However, what matters is that you need to have either buyers from other countries that could buy your product or either you are buying something from abroad, and you are willing to sell it locally. Either ways you need to find both, a buyer and a seller, which is not an easy task at all. For that, you either need to go to a country you are wishing to do trade with and find a seller or a buyer. But that was in the old times, as nowadays there are virtual markets where you can market your product, making trades a lot easier and effective than before.
So if you are looking for a buyer or seller then you should try finding them in the virtual markets that are better known as business directories or B2B portals. ‘Iraq Trade Agency’ is that one B2B portal that could help your business to grow. It offers the best business directories and trade leads from around the world. It is preferred by a number of established, renowned and professional wholesale traders, suppliers and distributors worldwide.
- U.S. Commercial Flights Begin To Iraq: U.S. Ends 16 Year Ban. (politicalvelcraft.org)
- Diplomat: Iran-Iraq Trade Ties to Surpass $12bln (english.farsnews.com)
- Why the war has taken its toll on Iraqi women (guardian.co.uk)
- Iraq to pay Kuwait $500 million within a few days to resolve the outstanding issue of Iraqi Airways (thecurrencynewshound.com)
- Iraq: What was Worth Dying For (wemeantwell.com)
- Spate Of Car Seizures Leaves Iraqis Guessing (rferl.org)
- Governor of Basra, Iraq Providing U.S. Firms with Investment Opportunities (virtual-strategy.com)
The proverbial axe is falling on ‘business as usual’ as every industry in South Africa, from mining to manufacturing to retail, is cringing at the thought of rising energy tariffs and the impending implementation of a carbon tax.
Stemming the tide of rising tariffs
On the receiving end of tariff hikes, industry is dealing with three significant elements, namely the cost of electricity, uncertainty around sufficient electricity supply and carbon emission management. According to Shaun Nel, Project Director & Advisor, Energy Intensive Users Group of Southern Africa (EIUG), “the current request by Eskom to raise electricity prices by 16% per annum over 5 years will have a significantly negative impact not only on mining and industrial customers but small business, commercial and residential users too. These electricity prices are making South African industries uncompetitive in the global environment. These prices will reduce investment and decrease profitability which has an impact on employment.”
According to the World Bank‘s 2013 Doing Business Report, South Africa has been joint-ranked, along with Malaysia and the United Kingdom, as the easiest country in the world for small and medium-sized enterprises (SMEs) to access credit.
Gerrie van Biljon, executive director of Business Partners Limited, says that this will be the third year in a row that South Africa has achieved the ranking and that that it is a very encouraging sign for small business owners locally.
He says that there is however evidence that a lack of SME financing still exists, despite the reported easy credit access. “Access to finance remains the number one hindrance for SMEs, regardless of this high rating. This is most likely due to the fact that SMEs are unsure of how to apply for finance, or that they do not qualify for the type of financing that is available. It is therefore of utmost importance that SMEs understand the stringent credit conditions that need to be fulfilled to obtain financing.”
Sole proprietor tax is an issue which raises its head when you personally run a business with a trade name and not through a company or corporation.
So, as a sole proprietor, you are Joe Black t/a Better Photo Agency, for example. That is, your business is Better Photo Agency and you are the only owner. A CC or a company does not feature in this set-up. Your letterhead typically has “Better Photo Agency” in big at the top and “Sole proprietor: J Black” in small at the bottom. No registration number is displayed, even if “Better Photo Agency” has been registered as a defensive name.
If you as an individual are registered for tax with SARS, then there is no need to register your sole proprietor business for tax as it is not a separate legal entity and cannot be registered for tax as such. You are the business and the business is you, as it were, and your business trading figures are reported to SARS as your own personal figures.
Need to buy a shelf Pty?
Our pre-registered (shelf) Pty Ltd companies are clean – they have been specifically registered for our clients to take over and use – they obviously have not been traded with before.
Acquiring a shelf Pty allows you to get a name and number for your business within about 1 hour. The final change of directors, etc takes about another 3 weeks to do properly.
For more on Shelf Pty’s, please email us here:
Or visit our secure site to read more and order a Shelf Pty from us.
Resigning as a member of a CC might be necessary when you wish to sell your interest (percentage) in the CC to the remaining member/s or to a new owner. It might also be needed if you simply wish to disassociate yourself with the existing business or other member/s.
If you wish to resign merely to get out of the CC, make sure that the remaining members relieve you of suretyships, etc, in writing before you sign the resignation document we would send you. Also make sure your loan account (if any) in the CC is paid back to you or taken over by another member. If the loan is in negative (you owe the CC money) you will need to pay it back or get another member to give you a signed letter stating that he/she takes it over from you.
If you’re selling your interest and resigning from the CC, make sure you get your money (or at least the first major payment) before you sign out. It’s probably a good idea to get your lawyer to draw up an agreement between you and the buyer, but you may come to us for preparing and processing the resignation papers.
For more on this, kindly email us at:
On the subject of conversion of CC to Pty Ltd with a property, the concern of many is what happens to the property and how the conversion affects its ownership and legal standing.
When a CC is converted into a Pty, all of the assets and liabilities of the CC automatically become that of the Pty.
For items like fixed property, although the ownership automatically legally subsists in the Pty after conversion, you will need to supply proof of the conversion to the deeds office and mortgagor so that they can update their register/records with the new company name (if changed) and number. This process should not cost you anything.
Call your estate agent, lawyer or the deeds office to confirm that the above is currently still the procedure, then, if happy with the result, please consider applying through us to do your conversion.
You probably know that under the new Companies Act 2008, CC’s (Close Corporations) can no longer be registered in South Africa.
This does not affect the about 1,500,000 CC’s already registered in South Africa (far more than Pty Ltd companies). If you already have a CC, you may keep it, retain your assets/property in it and run your business through it. You may change its name, members, accounting officer and other details, or you may sell the CC to someone else or convert it into a Pty Ltd company.
The way we see it, there should be no mad rush to change your CC into a Pty Ltd company unless:
- You prefer your business to look like a “(Pty) Ltd” company and not a “CC”
- You prefer the legislation for the new Pty as against the old CC legislation (which incidentally has been somewhat revamped)
- You are tired of putting the owners of the CC under “Members:” on your letterhead
- You’d prefer to list the “Directors:” on the letterhead and not the owners/ shareholders of the company which include parties (people, companies or trusts) who are not directors.
For more, email us on:
Would you like to buy a Shelf CC in South Africa?
Yes? Great! You’ve come to the right place!
There is only one problem: CC’s cannot be registered any longer in SA.
So most people purchase a Shelf Company – read more…
There are a few old Shelf CC’s floating around the marketplace and we literally only have one left – for more on this, email us at: