Two types of companies may be incorporated under the Act, namely non-profit companies and profit companies.
Profit companies may be incorporated under the following types:
Non-profit Companies (NPC)
Private Companies (Pty) Ltd
Private companies under the new Act are prohibited to offer securities to the public and the transferability of their shares are also restricted. Private companies however, are no longer limited to 50 members as was the case under the current Companies Act.
Public Companies (Ltd)
The definition of a public company is largely unchanged. The only difference is that a public company under the new Act only requires one member for incorporation compared to the 7 members under the current companies Act.
Personal Liability Companies (Inc)
The directors and past directors (where applicable) of such companies are jointly and severally liable together with the company for any debts and liabilities arising during their periods of office.
State-Owned Companies (SOC Ltd)
A State owned company is either a company defined as a “state-owned enterprise” in the Public Finance Management Act 1 of 1999 or a company owned by a municipality. The majority of the provisions of a public company will apply to state-owned companies as well.
Foreign and External Companies
A foreign company is a company incorporated outside of South Africa , irrespective of whether it is a profit or non-profit company or carrying on business in South Africa or not. A foreign company is prohibited from offering securities to the South African public unless it follows the specific provisions of the companies Act, relating to offers to the public.
A foreign company is required to register as en “external company” with the CIPC if it conducts or intends to conduct business in South Africa. The Companies Act in terms of Sect 23 lists a series of activities which will be regarded as conducting business. This list is much broader than the provision in the 1973 Companies Act relating to a “place of business” in South Africa.
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Its true and once the new Act comes into effect, there will be sufficient flexibility so that those entrepreneurs seeking to incorporate a small entity and enjoy the benefits previously available through the use of a close corporation, can incorporate a small private company with director shareholders.
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Getting an interview for a position you have applied for is not as easy as it sounds. Below are a few basics to increase your chances of getting a call back from the company you would like to work for.
Good luck with your Interview, if you require any tips please do not hesitate to contact Talent Fusion.
Interviews are the most nerve-wracking part of the hiring process for most people, because no longer can you let your resume and cover letter do the talking, but you actually have to meet with the potential employer face-to-face. But you can learn from the mistakes of others to impress your interviewer and get that offer.
Here are mistakes to avoid during an interview:
Arriving late or too early – This will be the first impression you give the employer, so make sure you arrive to your interview on time. Look up the directions to the company the night before to determine the best route, how long the commute will take and when you need to leave in order to arrive on time, allowing some wiggle room in case there is traffic. Also avoid arriving more than 10 minutes early, so that your interviewer doesn't feel rushed to meet you.
Dressing inappropriately – Companies have different dress codes, but in general, plan to dress professionally and conservatively, unless you're interviewing for a fashion job. You can also do a little research to find out what is acceptable dress for your industry, or give the company a call to ask the receptionist what people wear in the office.
Answering your cell phone during the interview – This is one of the biggest mistakes you can make in an interview, and shows you have poor manners. Turn your cell phone off or to silent before your interview starts, or even better—before you walk in the door.
Asking what the company does – By the time you're interviewing with a company, you should not only know what the company does, but its products or services, competitors and other key information. Demonstrate your knowledge about the company and industry to show your enthusiasm, rather than "winging" it—which only showcases your lack of preparation.
Bad-mouthing anyone or being negative – Even if you had a terrible manager or you disagreed with the direction of the company, do not speak negatively about your previous employer or anyone else. Your interviewer won't want to hire someone who comes off as a complainer, and they might believe you'll talk badly about them down the line as well.
Asking about compensation/benefits – Wait for the interviewer to bring up the topics of pay and benefits. You want to prove that you're the best candidate for the job before you start talking pay, to show that you're genuinely interested in the position and company and not just the money.
Lying – Never lie in an interview about your past experience or qualifications. The employer will find out eventually that you don't know as much as you said you did, and chances are, won't hesitate to let you go and bring someone in who actually can do the job.
Not asking questions – An interview is a two-way street; you are interviewing the company as much as they are interviewing you. Ask good questions to determine whether this job or company is a good fit. And you don't have to wait until the end of the interview to speak up—if you have a question in line with the conversation, ask it then.
Being unable to articulate your achievements – As you prepare for your interview, think about how your past experience and achievements relate to the job you're interviewing for. You will need to demonstrate how you are the best person for the job.
By avoiding these mistakes, you'll increase the chances of being asked in for a second interview. Good luck!
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