We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. The act was signed by the president on 8 april 2009, but implementation was deferred to accommodate necessary amendments. The most basic categorization is the division between companies for profit and nonprofit companies sub divisions of south african companies. Note 4 at the end of this reprint provides a list of the amendments incorporated.
Small and medium enterprises would do well to take note of this new act. South africa companies act 2008 south africa company law. For guidance, the developers looked to south african company law for the 21st century. How does the new companies act impact small and medium enterprises. This page is continuously updated to ensure that you can stay up date on the companies law of south africa. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the previous. Amendment of the companies act regulation, 2011 5 february 2014. National small business amendment bill western cape.
There are some essential things you would need to know before you decide to incorporate a company in south africa. Companies amendment act, 76 of 1974 companies amendment act, 111 of 1976 companies amendment act, 64 of 1977 revenue laws amendment act, 114 of 1977 registration and incorporation of companies in south west africa proclamation 234 of 1978 companies amendment act 59 of 1978 companies amendment act 3 of 1989 general note. In this act, unless the context indicates otherwise advertisement means any direct or indirect communication transmitted by any medium, or any representation or reference written, inscribed, recorded, encoded upon or embedded within any medium, by means of which a person seeks to bring. Bg page 2 16072012 neither the short nor the long standard form of memorandum of incorporation for a non profit.
Constitution eleventh amendment act of 2003 constitution twelfth amendment act of 2005 citation of constitutional laws act 5 of 2005 constitution thirteenth amendment act of 2007 constitution fourteenth amendment act of 2008 constitution fifteenth amendment act of 2008 act to introduce a new constitution for the republic of south africa and. President zuma signed into law the companies amendment act, 2011 and approved the proclamation and presidents minute that put into legal force the companies act 2008 on 1 may 2011. Low commodity prices and a weak demand for commodities have resulted in a sharp contraction in all miningrelated activities and has also been affecting the business environment for the construction industry. This moi was adopted by special resolution passed on 30 november 2012 in substitution for the existing. In addition, the act allows for companies to add provisions to address. Removing a director under the companies act 71 of 2008.
Most of the amendments made, however, relate to a modernisation of the act with wording amendments. Protection of constitutional democracy against terrorist and related activities, 2004 act no. Consumer protection act 68 of 2008 south african government. It is hereby notified that the president has assented to the following act, which is. A guide to business rescue prepared by werksmans attorneys. A guide to business rescue prepared by werksmans attorneys the long anticipated new companies act no.
Statistics south africa, 2016 report 021102 2015 208 pp isbn 9780621449563 a complete set of stats sa publications is available at stats sa library and the following libraries. 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. The new companies act master builders kwazulunatal. Chapter 2 national qualifications framework framework 4. The information contained herein is a summary of some of the key aspects of. To provide for the incorporation, management and liquidation of companies. Acts companies and intellectual property commission cipc. With acts you are guaranteed the latest and most up to date resource for your legislative needs. Companies and intellectual property commission republic of south africa this form is prescribed by the minister of trade and industry in terms of section 223 of the companies act, 2008 act no. Viewing the proposed south african business rescue. The act fundamentally rewrites south african company law and accordingly will have far reaching effects. Reference to the act shall, if the act is replaced by any other statute, be construed as a reference to the statute or statutes from time to time in force relating to companies.
Companies act 71 of 2008 english text signed by the president assented to. The doctrine of constructive notice has been abolished, and the application of the turquand rule has been codified in section 207 and section 208 of the act. Understanding the new companies act pwc south africa. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. The minister of trade and industry has in terms of section 223 and item 14 of schedule 5 of the companies act published the companies regulations. Republic of south africa national small business amendment bill as introduced in the national assembly as a section 75 bill.
Republic of south africa companies act, 2008 memorandum of. T he new companies act has also creat ed the new category of stateowned companies. The companies act 71 of 2008, as amended by act 3 of 2011, governs the formation of companies in south africa. The namibian companies act 28 of 2004, amended 2011, contains a numberof provisions that will directly impact all companies, directors and officers. Companies act 2008 south africa pty company registration.
Business rescue proceedings a litigation feast business rescue is a novel concept under south african law. Enron and worldcom in the us and saambou bank and fidentia in south africa are examples of prominent corporate collapses. Ot her standards may be applicable for dealing with specific. The purpose of this article is therefore to consider section 75 in the companies act of 1973 or its equivalent section 362 in the companies act of 2008 and the topic of statutory approval. Since 2001, corporate governance has received renewed interest internationally due to highprofile collapses. The companies act 71 of 2008 new companies act will commence on 1 may 2011. Companies ct 2008 act o 71 of 2008 8 subject to subsection 6 and subsection 7, a foreign company may apply in the prescribed manner and form, accompanied by the prescribed application fee, to transfer its registration to south africa from the foreign jurisdiction in which it is registered, and. Amendment of section 83 of act 71 of 2008 part 3 amendments affecting chapter 3 of principal act 53. Recent case law decided under the 2008 act has confirmed that the act contains only a partial, and not a full, codification of all. National small business amendment act 29 of 2004 south. All south african businesses are governed by the companies act no 71 of 2008. Human tissue act 2008 no 28 as at 01 october 2018, public act. The companies act or the act refers to the companies act, no.
Stats sa library cataloguinginpublication cip data labour market dynamics in south africa, 2015 statistics south africa. Jan 15, 2017 south africas national development plan is a detailed blueprint for how the country can eliminate poverty and reduce inequality by the year 2030. 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 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.
Companies act 28 of 2004 gg 3362 brought into force on. South africas restructuring of stateowned enterprises cheslyn mostert march 2002 published by the friedrich ebert stiftung south africa office 34 bompas road, dunkeld west johannesburg, south africa p o box 412664, craighall 2024 south africa tel 27 11 4472232. Companies amendment act 3 of 2011 saflii home saflii. These regulations became effective on 1 may 2011, at the same time that the companies act no 71, 2008, became effective. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. A selfevaluation report ser was subsequently provided by the republic of south africa. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. Arrangement of sections chapter 1 interpretation, purpose and application part a. Australia and south africa share more than sporting rivalry. This note has been prepared on the basis of the new companies act, as amended by the latest version of the companies amendment bill and as read with the final companies regulations. In legal terms there is much that has come from the common anglo heritage.
The nqf is a comprehensive system approved by the minister for the classi. It is meant to provide a temporary measure to rehabilitate financially distressed. The companies act 71 of 2008 the act has, however, changed the playing field in this regard. Amendment of the companies act regulation, 2011 20 august 20companies act no 71 of 2008 maatskappywet no 71 van 2008.
The terms of reference for inir missions are based on evaluation of the development status. An act to consolidate and amend the laws in force in zimbabwe relating to the constitution, in corporation, registration, management, administration and winding up of companies and other associations, and for other purposes incidental thereto. Deloitte namibia changes to the 2004 companies act made in 2011. The role and significance of state owned enterprises, public. Superiority ofact part ii incorporation and registration of companies 6. In south africa this means the measuring units and national measuring standar ds act, 1973 act no. Short title these regulations may be cited as the companies regulations, 2011. Mineral and petroleum resources royalty act 28 of 2008. The pdf file you are about to download is not created by writinglaw.
Amendment of the companies act regulation, 2011 20 august 20companies act no 71 of 2008 maatskappywet no 71 van 2008 companies amendment act, no 3 of 2011 companies regulations, 2011 pages 1 107 companies regulations, 2011 pages 108 212 companies regulations, 2011 pages 2 320. Chapter 6 of the south african companies act 71 of 2008. Cipcs primary institutional mandate is derived from the companies act, 2008, which establishes cipc as a juristic person. Key challenges of execution dr yvonne muthieni introduction this paper explores the key challenges to building a capable development state in sa, as articulated in the national development plan ndp. Alterable provisions within the companies act, 2008. In such circumstances it is important to understand the conditions under which a director of a company may be removed in terms of the provisions of the companies act 71 of 2008 the act or in terms of the companies memorandum of incorporation moi. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Companies regulations, 2011 7 companies regulations, 2011 chapter 1 general provisions part a interpretation 1. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. It was brought into our statute books by the companies act, no. Substitution of section 86 of act 71 of 2008 45 55. President cyril ramaphosa this week announced that sa is to go into a 21day lockdown from 26 march 2020 in.
The act recognises the wideranging opportunities in south africa to avoid and reduce disaster losses through the concerted energies and efforts of all spheres of government, civil society and the private sector. If you agree then only proceed to download companies act 20 pdf. The reader is advised to consult a professional adviser for further assistance and. 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 implications for directors and prescribed. South africa company law is a set of rules and regulation formed under the south africa companies act 2008. Theimplicationsoftheproposednewpolicy frameworkfor south africancivilsociety background inyathelo.
This act is administered by the ministry of health. Recently many changes in the laws for south african companies have occurred. You will find below the key extracts from the south africa companies act along with the full act. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the.
Registration and incorporation of companies in south west africa proclamation 234 of. However, it also acknowledges the crucial need for uniformity in the approach taken by such a diversity of role players and partners. Companies and intellectual property commission republic of. Moi companies and intellectual property commission cipc. The saica guide to the companies act 71 of 2008 has been released. Pdf companies act 1956 and 20 pdf download, high quality. In south africa, in line with international trends, corporatization, i. The solvency and liquidity approach in the companies act. Companies act institute of directors in southern africa. Notes on the guide to companies act no 71 of 2008 this guide is intended as an easy reference, pocketsized guide for directors, shareholders, company officers and any other stakeholder who has an interest in corporate law reform. Section 1 of the national small business act, 1996 hereinafter referred to as the principal act, is hereby amended.
Note 2 compliance with the requirements of this part of sans 10400 does not necessarily ensure compliance with all legislative provisions see annexes b and c. Standards act no 8 of 2008 department of trade and. Amendment of section 1 of act 102 of 1996, as amended by section 1 of act 26 of 2003 1. How does the new companies act impact small and medium. The national small business amendment act 29 of 2004 intends. In november 2010 the new companies act came into effect. National building regulations and building standards act no dti. Types of companies you can register in south africa. South africa is a member of a number of important treaties and agreements and ensuring compliance with south africa s obligations in terms of these treaties or agreements.
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