Understanding the new companies act pwc south africa. Companies act, if the law of the jurisdiction in which the company is registered does not require such shareholder approval. The companies act 2008 at a glance overview you have decided to start a business and you want to incorporate a company. The companies act 2001 was a major revision of the legislation since 1984. The application of section 90 of the companies act, 2008. Registration and incorporation of companies in south west africa proclamation 234 of 1978. The ultimate goal in repealing the companies act, no.
The regulations, deal with the functions of the companies commission, takeover regulation panel and companies tribunal, and other matters relating to the regulation of. The previous companies act, no 61 of 1973 the 1973 act followed the english. Guidelines for corporate law reform may 2004, a policy document. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. Effect of conversion on legal status schedule 3 amendment of laws a. The saica guide to the companies act 71 of 2008 has been released. Companies for profit can further be subdivided into. South african companies that are financially distressed in. Rescue mechanisms in south africa have existed for almost a century through the companies act provisions relating to judicial management ss 427 to 440. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20. The draft regulations are released for further stakeholder engagement, and in preparing this draft regulations the dti took into account the companies act, 2008 and companies amendment bill as published.
The minister of trade and industry, dr rob davies, signed and approved the companies regulations, 2011. Overview of the south african business rescue process. Pdf the south african companies act and the realisation of. The companies act was introduced in parliament during 2008 and published for general. Whether you are seeking a business visa, or an endorsement to a visa you will have to select the right business structure. The act was signed by the president on 8 april 2009, but implementation was deferred to accommodate necessary amendments. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. With acts you are guaranteed the latest and most up to date resource for your legislative needs. The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. Any reference to the act in this guide refers to the companies act, no 71 of 2008, and any reference to the commission refers to the companies and intellectual property commission.
Overview of the south african business rescue process by karabo motshwane. The third king report on governance for south africa 2009 is referred to as the king report. Act now delineates and deals with these categories is simpler and clearer. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. Section 3application of act 1 except where otherwise provided, the provisions of this code shall apply to all companies formed in ghana, whether before or after the commencement of this code, under the provisions of the companies ordinance, cap. In line with this trend, chapter 6 of the new companies act, no. Soes are unique in that the south african government is the sole shareholder of these companies with the minister who holds the share in a soe on behalf of government such as the minister of public enterprises. The companies act audit requirement and other matters. For guidance, the developers looked to south african company law for the 21st. Be it enacted by the parliament of the republic of south africa, as follows. Pdf the companies act 71 of 2008 the companies act was promulgated in april.
Limitation of period to incorporate close corporations or convert companies 3. The companies act 71 of 2008, as amended by act 3 of 2011, governs the formation of companies in south africa. Companies act or the regulations and any of those unalterable provisions are amended, the. The companies act of 2008 relays the appropriate types of business structures in south africa pertaining to companies. Republic of south africa companies act, 1973 section 64 certificate of incorporation of a company without a share capital registration number it is hereby certified that the.
Chapter 6 of the south african companies act 71 of 2008. The most basic categorization is the division between companies for profit and nonprofit companies. As a result of the early adoption of the standard in south africa. For guidance, the developers looked to south african company law for the 21st century. There are some essential things you would need to know before you decide to incorporate a company in south africa. The bill for an act with this short title will usually have been known as a companies bill during its passage through parliament companies acts may be a generic name either for legislation. The companies act or the act refers to the companies act, no. Companies act institute of directors in southern africa. Companies act product set, launch edition, view here. Za domain name authority association incorporated under section 21 was this day incorporated under the companies act, 1973 act 61 of 1973 and. The act replaces the companies act, 61 of 1973 and came into effect on 1 may 2011.
We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. South africa adopted the exposure draft on the ifrs for smes standard for use by local companies when it was issued by the iasb in 2007, with the intention of providing immediate relief for limited interest companies under the then pending corporate laws amendment act of 2007. Preexisting companies on 1 may 2011 every preexisting company. Governance in stateowned enterprises how they are held. The whole or greater part of its assets and undertaking are in south africa, other than the assets and undertaking of any subsidiary that is. The act was signed by the president on the 9th april 2009 and gazetted in gazette no. Guidelines for corporate law reform may 2004, a policy document developed by the department of. This moi was adopted by special resolution passed on 30 november 2012 in substitution for the existing. Registration and incorporation of companies in south west africa proclamation. Part 11 incorporation of companies and matters incidental thereto chapter i the companys memorandum and articles memorandum of association 3. Arrangement of sections chapter 1 interpretation, purpose and application part a interpretation 1. South african stateowned enterprises referred to as soes hereinafter have been plagued with financial mismanagement and ineffective corporate governance. The test is whether the company could surmount its difficulties and become a successful concern. In line with international best practice, the law provides modern vehicle for domestic and international investors to invest in and from mauritius.
Acts online provides legislation, including amendments and regulations, in an intuitive, online format. This act may be cited as the companies act, 2011, and shall come into. The reader is advised to consult a professional adviser for further assistance and. Chapter 6 of the companies act, act 71 of 2008 new act introduced business rescue to the south african legal system. In terms of section 223, and item 14 of schedule 5, of the companies act, 2008 act.
Restructuring of companies in financial distress is on the increase globally. Protection of constitutional democracy against terrorist and related activities, 2004 act no. Companies act 2008 and the companies amendment bill 2010 published in gazette no 33695 of 27 october 2010. Reporting standards for small and medium enterprises ifrs for smes or south african statements of generally accepted accounting practice sa gaap depending on the classification of the company. Types of companies you can register in south africa. Companies act with its variations is a stock short title used for legislation in botswana, hong kong, india, malaysia, new zealand, south africa and the united kingdom in relation to company law. Companies act 2001 corporate and business registration.
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