Shelf company/turnkey solutions for South Africa in 2024
Healy Consultants provides entrepreneurs looking to invest in South Africa a complete turnkey solution including a ready-made company and an existing corporate bank account.
While it can take up to 4 months to set up a new company and open a new bank account in South Africa, with a turnkey solution, however, a Client will have access to the company number and the bank account number within a week.
It is important to note that the corporate bank account has been registered in the name of the shelf company. To maintain the bank account, the company name cannot be changed. Consequently, our Client must use the existing name for their customers. However, the business activity of the company is allowed to change. If our Client wishes to change the shelf company name, the bank will request opening a new corporate bank account under the company’s new name;
Healy Consultants fees
A South Africa turnkey solution is a pre-registered company with i) a bank account with excellent internet banking ii) a registration number and tax ID iii) a legally registered address and iv) company secretary. Healy Consultants’ average South Africa shelf company cost is US$17,230;
Most Clients buy a shelf company if they i) want a company registration number fast ii) require a corporate bank account number to immediately receive sales income and iii) need to close an important deal;
Steps to purchase a turnkey solution in South Africa
| Steps | Week |
|---|---|
| Healy Consultants' Compliance Team receives the required corporate and personal due diligence information from our Client; | 1 |
| Our Client signs Healy Consultants' engagement letter and returns the original to our Singapore Head Office. Our Client settles our fees; | 1 |
| Our Client confirms by email the planned corporate structure and e-mails the required due diligence. | 1 |
| Healy Consultants provides our Client i) a company name and number ii) a local business address iii) a South Africa corporate bank account number and iv) a tax number. Our Client can inform customers and suppliers; | 2 |
| The South African shelf company director signs the legal share allotment and legal share transfer | 2 |
| The existing South African shelf company director couriers the original legal transfer documents to Healy Consultants' Singapore office. Healy Consultants’ Company Secretary Team submits transfer documents to the Companies and Intellectual Property Commission for processing. The South African registry approves the change of company ownership application and emails Healy Consultants proof of the same. Healy Consultants then emails our Client i) the certificate of incorporation ii) the new M&AA with the new shareholders and directors; | 3 |
| To change bank signatory, there is a 25% probability our Client must travel to meet the bank in South Africa. If the bank signatory is already a customer of the bank, then there is a 95% probability a travel exemption will be granted. As always, Healy Consultants will aggressively negotiate a travel exemption for our Client, asking the bank to perform a Skype or phone conversation with the bank signatory instead. Depending on Client nationality, sometimes we are successful and our Client does not have to travel to South Africa. If the new bank signatory must travel to South Africa, then our Client may travel when they are ready. Our Client will be picked up at the airport by Healy Consultants' limo and chauffeured to their hotel. Healy Consultants’ Banking Team and our Client attend a meeting with the South Africa bank to appoint our Client as the new bank signatory and submit the corporate bank package containing:
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4 |
| The bank approves the appointment of the new bank signatory and will courier new internet banking documents (login, password etc) to our Client. Healy Consultants is no longer a signatory to this corporate bank account; | 5 |
Healy Consultants will courier the following to our Client:
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7 |
| Our Client receives a courier from the bank comprising new internet banking information. The new bank signatory activates the internet banking. | 8 |
