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Which is the best form of ownership?
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The most common form of ownership is that of individual title. However, property may also be held through share ownership in companies, through holding membership in Close Corporations or as a beneficiary in a Trust. This choice will be dependent on decisions in relation to tax or transfer duty issues, or relating to the protection of assets.
Companies and Trusts in South Africa are based on English Law and are very similar in nature to those in England. A Close Corporation is a type of company, which is flexible and cheaper to form and administer than a normal incorporated company. A Close Corporation or a Trust can usually be formed in less than a month. A Proprietary Limited Company may take a few weeks longer. Pam Golding International will refer you to specialists who provide advice in each case as to the method of holding property best suited to particular needs. |
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