Register a Non-Profit Company if your company is incorporated for public benefit or other object relating to one or more cultural or social activities, or communal or group interest.
The income and property of a non-profit company is not distributable to its incorporators, members, directors, officers or persons relating to any of them, and must be used to advance the purpose for which it was created, as set out in the MOI. A non-profit company must have at least three incorporators and three directors, and may be registered with or without members.
You can draw up a contract to decide on who needs to fill which role and what their responsibilities are within the company.
A non-profit company is not required to have members. The members of a non-profit company are persons who participate in the activities of the non-profit company; such as members of a church or pension fund. Non-profit companies registered without members may be registered with a standard or customised MOI.
If you wish to receive grants or donor funding, you are required to register with the Department of Social Development. Non-profit companies registered with the Department of Social Development can apply for funding at the National Lottery Board.
Any company may be registered with or without a company name. If a reserved name is not included in the initial application, the company will be registered with its enterprise number. A name may be added at a later stage through a name amendment. A name amendment requires an approved name reservation and a special resolution to effect a change to the MOI.
Registering your non-profit company is beneficial because the certificate:
- improves your credibility and funding opportunities;
- allows your organisation to open a bank account; and
- helps your organisation with tax incentives.
It is a criminal offence for an organisation to operate under the pretence of a registered non-profit company.
Contact us to Register a Non-Profit Company today.