Close Corporation (Namibia)

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The Close Corporation (CC) is a form of company in Namibia , one of the possible legal forms for companies and almost identical to the requirements of the Close Corporation in South Africa , which is currently being dissolved .

It is to be seen as a shareholding company with a closed circle of shareholders and enables small businesses to be an easy-to-organize form of company, as, among other things, no auditing is required.

As a corporation , it is a legal person. It cannot be a subsidiary of another company, not even another Close Corporation.

At least one person is required to set up a Close Corporation, and no more than ten shareholders may be the owner. Only natural persons are permitted as shareholders. There is no accounting obligation and there is no public audit, but an accounting officer must be named who has to perform certain tasks within the framework of the law. Registration takes place with the Business Intellectual Property Authority (BIPA).

The tax year can be chosen freely. The tax rate is currently 32 percent (as of December 2015).

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