A private company is the most common and simplest form of company to be registered. It is comparable to a close corporation. Close corporations are no longer registered. Private Companies may not offer shares to the public and restrictions are also placed on the transferability of their shares. Private companies must have at least one director and one incorporator. The director and incorporator may be the same person. The word “person” includes a juristic entity. This means that a legal entity or a trust may be an incorporator of a new company. Most private companies are owner managed and tend to have a smaller number of directors.
All companies must have a Memorandum of Incorporation (MOI) which sets out the rules agreed by the shareholders for the management and maintenance of the business. Private companies may be registered with a standard or a customised MOI. The standard MOI is provided by law and is integrated into the company registration process
Steps we follow to process you application:
We will need to have a number of details about your company on hand to successfully incorporate your company.
Applications to incorporate a company are processed automatically. We will then send you the director and shareholder consent forms.
Signed consent is required from directors and shareholders in order to complete the incorporation process. These must be returned to the office within 20 working days.
After incorporation, directors' obligations to the Companies Office are few and simple to meet. Directors have a responsibility to file annual returns and update the Companies Office with changes to the company details.