What is Required for Non-Profit Company Registrations?
Many people seem to think that passion and a worthy cause are all that they need to start up and run a non-profit organisation. Unfortunately, that is not the case. These types of companies, just like every other type of company, must be legally registered and are required to submit annual returns. Registering a company can be a complicated process for those with no experience in the field. There are several requirements that need to be met and supporting documentation that must be supplied in order for the registration to be approved and go through the process smoothly. A non-profit company registration can be just as tricky and time-consuming. Non-profit organisations are companies started for the benefit of the public or to fund cultural and social activities within a community or group.
As a result of the purpose and definition of a non-profit organisation, the property it owns and income that it generates cannot be distributed amongst its members, officers, directors, or anyone else working within or for the company.
Here are a few things that you should know about non-profit companies and registering them:
• Non-profit companies require no fewer than 3 incorporators and 3 directors. All IDs will be verified with the Department of Home Affairs.
• Non-profit companies can be registered with or without members.
• A MOI (memorandum of incorporation) is used for non-profit organisation registrations without members.
In South Africa, non-profit companies receiving donations and grants are required by law to register with the Department of Social Development.
We have assisted many non-profit companies with a seamless and hassle-free registration process. While your passion might be to help or benefit others, ours is to make sure that your new business starts up quickly and with minimal issues or holdups along the way. We have a selection of cost-effective registration packages for you to choose from and we will take care of all of the paperwork and potential red tape, so that you do not have to. It is as simple as providing us with your details and some required information regarding the new intended business. We will take it from there and do the rest!
Tax Leaders is an accounting, tax, and secretarial company that has the best interests of you and your business at heart. If you would like to learn more about the process of non-profit company registration and how we can assist you, simply give us a call or drop us an email at your earliest convenience.