When it comes to running a company, there are a lot of little details that you will need to take care of, from licenses to associations to certifications and much more. It is a lot of annoying paperwork sometimes, but it is an essential part of managing your business. Once you have all of the right boxes ticked and the details in place, you will be able to ensure that everything is done correctly and above board.
One of the important documents that you need to have covered when running a company is the Memorandum of Association or the MOI. This document is meant to govern the relationship between your company and all outside parties and it is essential when incorporating your company within South Africa as well as Ireland, Sri Lanka, Pakistan, Bangladesh and India. Essentially, this important document sets out all of the rights and the responsibilities of the shareholders, directors and others within the company.
Why Does My Company Need an MOI?
Why is this document so important? The MOI sets out the specified matters by which the company is incorporated. This includes all of the duties, rights and responsibilities of the shareholders, directors and others who are related to the company. In a sense, it is essentially the founding document of the company.
The main purpose of an MOI for a company is to protect the interest of those who hold shares in the company. It sets out the rules that the company has to accept, change or supplement in order to suit the particular needs of the company. When a new company is incorporated, the Memorandum of Incorporation has to be completed and filed with a notice of incorporation. It must include all of the names of the shareholders and the shares held by these members, as well as the location of the company’s registered office.
If your company already exists, the question is whether or not you need to amend your Articles and Memorandum of Association in order to be compliant.
The Memorandum of Incorporation is a public document and it is open to inspection by anyone. It is usually available at the public office that it was lodged at, so that anyone is able to access it when they need to.
How to Get an MOI for Your Company
When you are setting up a company, getting an MOI is an essential part of the process. It is important that this is done correctly, so that you can make sure your company is following the requirements of the law.
How can you get an MOI for your company? It’s not as difficult as you might think. The memorandum of incorporation needs to be filed when you are incorporating a new company and there are many organisations out there that will help you become MOI compliant as easily as possible.
These websites will offer an assessment questionnaire that will ask you for the details on your company and its financial status. The questionnaire will ask you a number of questions about your public interest score, as well as general information about the directors of the company, whether they are shareholders and the assets that the company holds. If you fill out the form on the website, you will receive an assessment report to your email address.
You can also request a free quotation to have an MOI drafted and submitted for you on your behalf. This is an efficient and reliable way to sort out your MOI, just make sure that you do your research and choose the right company to help you out with this endeavour to ensure that you will be happy with the results.
Wendy Derbyshire is a company owner who has recently gone through the process of submitting her MOI to ensure that her business is compliant.