What is Close Corporation (CC)?
Closed corporations are companies whose shares are held by a small group of entities or individuals closely associated with the company. Closed corporations are also known as privately held companies, family corporations, or incorporated partnerships, among other names.
How To Register A CC In Namibia
Procedure to register a close corporation (CC)Choose a unique name for your business
- Apply to reserve the chosen name of Form CC8 (advisable to provide six optional names)
- BIPA will consider the Names in accordance with the Name Guidelines
- Following the approval of the Business Name
- Submit Form CC1
- BIPA will consider your application in accordance with the law.
Forms required to register a Close Corporation
- Form CC8 (N$75-00) – application for Name Reservation
- Form CC1 N$150-00 – Founding Statement, in triplicate
- Consent Letter – to be obtained from a certified accountant as per section 59(2)), registered with a recognized accounting body as per section 60(1).
- Certified copies of identification documents of the members and the witnesses
Frequently Asked Questions (FAQ’s)
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.
How do I register my business in Namibia?
A business name can be reserved with the Business and Intellectual Property Authority of Namibia, BIPA, which is an agency under the Ministry of Industrialisation, Trade and SME Development (MITSMED). This process can be done at any BIPA office or on-line at ww.bipa.na.
Can I still register a CC 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.
How do I register a SME in Namibia?
Requirements to Apply for SME Certificate
- Copy of Company Registration Certificate,
- Social Security Commission Good Standing Certificate not older than 3 months,
- VAT Good Standing Certificate not older than 3 months, and.
- Certified Copies of IDs of all members/owners of the Company .
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.
What is the difference between Pty Ltd and CC?
Both Close Corporations (CC) and Private Companies (Pty) count as a legal entities and have limited liability of members or shareholders. Close Corporations are often the type of company chosen by small business owners. CCs have members – up to a maximum of 10 natural people.
How many members can a CC have in Namibia?
The owners of a Close Corporation (CC) are called members. A Close Corporation may have a minimum of one member and a maximum of ten members. Only natural persons may be members of a Close Corporation, companies cannot be members.
How do I register a sole proprietorship in Namibia?
To register a sole proprietorship, you have to apply with the Business and Intellectual Property Authority of Namibia (BIPA). The application process can be completed online (guide) or by visiting a BIPA office in person.
What happens if you go into debt in Namibia?
If you default on a credit card, loan or even your monthly internet or utility payments, your account could be sent to a debt collection agency. Unpaid debts sent to collections hurt your credit score and may lead to lawsuits, wage garnishment, bank account levies and harassing calls from debt collectors.
What are the type of Businesses that one can register with BIPA?
- You can register a Defensive Name (used as to trade as Sole Proprietorship)
- Close Corporation (a CC)
- Private Company (Pty Ltd)
- Public Company (Ltd)
- Public company as Non-profit Association (also known as Section 21 Company).
Can I view the registration information of businesses in Namibia?
In terms of the laws regulating the registration of businesses, BIPA is required to maintain a register of all registered entities, and such a register is open to the public for inspection. In order to gain access to such records, one must submit a request to BIPA by completing a ‘’file request form’’ at a BIPA Office or send an email to email@example.com, and pay the associated fees. Thereafter, the records will be made available, for inspection at the office or on email. Due to the fact that BIPA does not maintain its own archive and document warehousing, the records are hosted off -premises and it takes about 3 to 5 days for a file to be delivered to BIPA.
Does a CC have share certificates?
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.
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.
Is a CC a juristic person?
A Close Corporation (“CC”) is what is known as a juristic person – in law it is regarded as an entity separate from the individuals who are members of it.
How can I get a credit card with no income?
If you don’t have enough income to qualify for a credit card on your own, you still have options. Seek out a co-signer: Ask a friend or family member with a good credit score to co-sign your application. A co-signer accepts legal responsibility for making the payments on your account if you fail to do so.