I am in the process of launching a start-up which facilititates equity crowdfunding in South Africa. However, given the infancy of the initiative in South Africa, there is not much regulatory legislation surrounding the subject at all. Nor is there any relevant case law. According to what I have read, in order to offer securities to the public, the company would have to be public. However, as a start-up, it is not feasible to make that transition just yet. Abiding by the existing legislation (Companies Act etc.) is obviously paramount, but given the premature nature of my potential company and the fact that existing legislation does not specificy provisions for crowdfunding, I find myself in a bind as I struggle to determine the most appropriate way forward. Please let me know what my options are, and if there is a chance that I may be able to offer securities as a privately-owned company.