The new companies act changes existing south african company law in a number of ways. Saafqis inspects for pests under the agricultural pests act act 36 of 1983. The minister of trade and industry has, in terms of section 223 and. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. Be it enacted by the parliament of the republic of south africa, as. Amendment of section 206 of act 71 of 2008 part 9 5 amendments affecting chapter 9 of principal act 118.
At the same time, it has been harmonised with other south african legislation, such as the promotion of access to information act paia and the electronic communications and transactions ect act. The new companies act prescribes a certain level of. Effect of removal of company from register 6 5 10 15 20 25 30 35 40 45. Companies act institute of directors in southern africa.
Companies for profit can further be subdivided into. As such, it is intended to provide the reader or hisher entity with general information of interest. Introduction the south african institute of chartered accountants saica and the independent regulatory board for auditors the irba have undertaken to conduct research to determine the impact of the senior counsel interpretation of section 902 b of the companies act, 2008. Sectional title schemes management act no 8 of 2011. How does the new companies act impact small and medium. Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of. Moi companies and intellectual property commission cipc. The most basic categorization is the division between companies for profit and nonprofit companies. In line with this trend, chapter 6 of the new companies act, no.
Companies act 71 of 2008 english text signed by the president. The new companies act master builders kwazulunatal. Employees and the trade unions which represent them are among them. Types of companies you can register in south africa. Protection from harassment act 17 of 2011 justice home. In terms of section 27 of the immigration amendment act, 2011 act no. A significant change from the previous act of 1973 arises in section 45 relating to financial assistance. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. Sectional title schemes management act no 8 of 2011 assented to 11 june 2011 date of commencement 7 october 2016 act to provide for the establishment of bodies corporate to manage and regulate sections and common. Guidance on section 90 of the companies act, 2008 1. The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011.
The companies act financial assistance background the companies act 71 of 2008 the act came into effect on 1 may 2011. Minister means the cabinet member responsible for the administration of stic. The companies act 71 of 2008, as amended by act 3 of 2011, governs the formation of companies in south africa. Dominion or the combination of such words, african union, united nations or any other word or words which import or suggest that the company enjoys the patronage of the sovereign or government of lesotho, or of any part of the commonwealth, or of any department of any such government. The regulations, deal with the functions of the companies commission, takeover regulation panel and companies tribunal, and other matters relating to the. Inevitably, in terms of the creditor friendly approach the prospect of corporate rescue thinking does not exist and the emphasis is on. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. We provide a high level overview of some of the provisions. Government gazette staatskoerant republic of south africa. Dissolution of companies and removal from register 83. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. Tax administration act, 2011 gg 35491 of 4 july 2011 the act was implemented by proclamation with effect from 1 october 2012, save for the exclusions listed in the schedule to the proclamation, which should be read. The companies act audit requirement and other matters. How does the new companies act impact small and medium enterprises.
Most notably, it enhances the rights of persons who have, to date, had limited or no protection under company law. The act was signed by the president on 8 april 2009, but implementation was deferred to accommodate necessary amendments. Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of foreign companies carrying on business within the republic. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. Proposals to dispose of all or greater part of assets or undertaking 1 this section and section 115. This act may be cited as the companies act, 2011, and shall come into operation on such a date as the minister may, by notice published in the gazette, appoint. Private, nonprofit and incorporated companies may elect to comply with the extended accountability requirements of chapter 3 of the act sect 342. Understanding the new companies act pwc south africa. Companies act, 2011 lesotho legal information institute. The act was signed by the president on the 9th april 2009 and gazetted in gazette no.
The saica guide to the companies act 71 of 2008 has been released. Superiority ofact part ii incorporation and registration of companies 6. Companies regulations, 2011 the minister of trade and industry intends to publish the draft regulations, 2011 based on the companies act 2008 and the companies amendment bill 2010 published in gazette no 33695 of 27 october 2010. This would include items such as liabilities to the south african revenue services. In addition, the south african companies act establishes a public interest point system, and those smes that have a public interest score under 100 points and whose financial statements are internally compiled can use their own accounting policies if they are not required to. The act replaces the companies act, 61 of 1973 and came into effect on 1 may 2011. South africa republic of food and agricultural import. Companies amendment act 3 of 2011 southern african. Companies amendment act 3 of 2011 south african government. With acts you are guaranteed the latest and most up to date resource for your legislative needs. It is hereby notified that the president has assented to the following act, which is hereby published for general information. South african companies that are financially distressed in south africa now have an opportunity to reorganise.
The companies act 2008 at a glance overview you have decided to start a business and you want to incorporate a company. Companies amendment act 3 of 2011 southern african legal. Nothing in this document should be construed as professional advice. The draft regulations are released for further stakeholder engagement, and in preparing. Short title these regulations may be cited as the companies regulations, 2011. There are some essential things you would need to know before you decide to incorporate a company in south africa. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. The south african companies act and the realisation of corporate human rights responsibilities m gwanyanya 1 introduction bakan in his provocative and insightful text argues that for many years, some have seen the corporation as a pathological institution, a. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20.
The long awaited south african companies amendment bill bill was published on 21 september 2018 for comment. For guidance, the developers looked to south african company law for the 21st century. Substantial changes to the south african companies act 2008 companies act, which became law in 2011, have been proposed. Chapter 6 of the south african companies act 71 of 2008. In november 2010 the new companies act came into effect. The minister of trade and industry, dr rob davies, signed and approved the companies regulations, 2011. Companies regulations, 2011 7 companies regulations, 2011 chapter 1 general provisions part a interpretation 1. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. The third king code of governance principles for south africa 2009, in which the principle provisions of the king. Companies act 2008 effective from 1 may 2011 categories of companies required to be audited. Comments may be submitted to the sa department of trade and industry by 20 november 2018, and we encourage business to consider. Under south african import laws, it is the responsibility of the importer to ensure that any product entering the.
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