Republic of south africa south african revenue service act office of the president no. The most basic categorization is the division between companies for profit and nonprofit companies. Rescue mechanisms in south africa have existed for almost a century through the companies act provisions relating to judicial management ss 427 to 440. 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. Guidelines for corporate law reform may 2004, a policy document.
Dissolution of companies and removal from register 83. Share buybacks section 488 of the companies act rsm. Republic of south africa companies act, 2008 memorandum of incorporation for a public company sasol inzalo groups limited rf registration no 200800036906 this moi was adopted by special resolution passed on for the existing memorandum of incorporation of the company. Whether you are seeking a business visa, or an endorsement to a visa you will have to select the right business structure. Transport south africa yearbook 201516 transport south africa yearbook 201516. Za domain name authority association incorporated under section 21 was this day incorporated under the. Types of companies you can register in south africa. Windingup of solvent companies and deregistering companies 79. Companies have had to come to terms with a reacquisition of their own shares leading to the application of section 46 of the act, necessitating that the board of a company adopt a resolution. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. It is administered by the companies and intellectual properties commission.
South african companies act are discussed in footnotes. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. Registration and incorporation of companies in south west africa proclamation. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the. You will find below the key extracts from the south africa companies act along with the full act. 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. May 03, 2019 all the companies in south africa are formed under the companies act. The companies act audit requirement and other matters. Pdf the companies act 71 of 2008 the companies act was promulgated in april.
The companies act 61 of 1973 the previous act was repealed on 1 may 2011. This booklet provides insight into how creditors may. Act requires that companies falling within specific categories. Brand south africa south africa has a welldeveloped and formally regulated company law regime. Previously regulated by voluntary standards and norms, the. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. Dec 18, 2014 the companies act 71 of 2008, as amended by act 3 of 2011, governs the formation of companies in south africa. South africa company law is a set of rules and regulation formed under the south africa companies act 2008. Substantial changes to the south african companies act 2008 companies act, which became law in 2011, have been proposed. Companies act, if the law of the jurisdiction in which the company is registered does not require such shareholder approval. Companies act or the regulations and any of those unalterable provisions are amended, the. The notion of beneficial interest is found in the companies act of 2008, in relation to company securities.
The companies act was introduced in parliament during 2008 and published for general. These are defined as requirements based on economic. South africa act, act of 1909 that unified the british colonies of the cape colony, natal, transvaal, and orange river see orange free state and thereby established the union of south africa. Za domain name authority association incorporated under section 21 was this day incorporated under the companies act, 1973 act 61 of 1973 and that the company is a. In terms of the new act, companies are classified as either profit companies or nonprofit companies. The provisions of the act set the bar for competent directors at much higher levels than we have seen in the past. Republic of south africa companies amendment bill as introduced in the national assembly proposed section 76. Memorandum on the objects of the companies act no 71 of 2008. The companies act 71 of 2008, as amended by act 3 of 2011, governs the formation of companies in south africa. The companies act audit requirement and other matters related.
This act makes significant changes to south african law, including the capital rules. Proclamation of companies act effective date 89kb pdf request for comments. Sasol limited registration no 197900323106 this moi was adopted by special resolution passed on 30 november 2012 in substitution for the existing memorandum of incorporation of the company. Recently, south africa has undergone a major process of law reform, culminating in the companies act no. Accordingly, transactions between parties in a foreign jurisdiction, which has an e. All south african businesses are governed by the companies act no 71 of 2008.
Exemption from section 22 of companies act as a result of covid19. The appointment of directors under the 2008 companies act. As a result of the early adoption of the standard in south africa. Be it enacted by the parliament of the republic of south africa, as follows. For guidance, the developers looked to south african company law for the 21st century. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. Effect of removal of company from register 6 5 10 15 20 25 30 35 40 45. Immortality act 1950 made interracial sex illegal population registration act 1950 had to be registered in 1 of the 4 official race groups group areas act 1950 implemented racial zoning in urban areas suppression of communism act 1950 anyone who opposed the government was considered a. Promote the development of the south african economy by. Arrangement of sections chapter 1 interpretation, purpose and application part a interpretation 1.
In line with this trend, chapter 6 of the new companies act, no. Company, close corporation and cooperative services during national lockdown. Companies act 71 of 2008 english text signed by the president assented to. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. Procedurally, the judicial manager was appointed by the master of the high court. The test is whether the company could surmount its difficulties and become a successful concern.
The ultimate goal in repealing the companies act, no. 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. The companies act 2008 at a glance overview you have decided to start a business and you want to incorporate a company. Companies and intellectual property commission cipc. South africa has gone many changes in its business policies for the country. Section 115 of the south african companies act sets forth the shareholder approval process for mergers and provides opportunities for objecting shareholders. For guidance, the developers looked to south african company law for the 21st. In this code, unless the context otherwise requires, the expressions defined in the first schedule hereto shall have the meanings assigned to them in that schedule.
There are different types of companies in south africa. South african companies that are financially distressed in south africa. South africa companies act 2008 south africa company law. Chapter 6 of the south african companies act 71 of 2008. Be it enacted by the parliament of the republic of south africa. Under the 1973 companies act nonsubscribers could either be elected to the board of directors or appointed by the board in order to fill a casual vacancy. Call for comments to the draft summary financial statements, comments due to regulator by 16. Sep 27, 2018 the long awaited south african companies amendment bill bill was published on 21 september 2018 for comment. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. It was the work of white delegates who represented white electorates, less than onefifth of the.
The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011. Pdf the south african companies act and the realisation of. The act was signed by the president on the 9th april 2009 and gazetted in gazette no. The south african companies amendment bill 2018 financial. The companies act implications for directors and prescribed. Proposals to dispose of all or greater part of assets or undertaking 1 this section and section 115. Companies act, 1973 act 61 of 1973, and is listed as a schedule 2 public entity in terms of the public finance management act, 1999 act 1 of. It applies to all economic activity within, or having an e.
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. Companies act 71 of 2008 department of justice and. The most basic categorization is the division between companies for profit and nonprofit companies sub divisions of south african companies. Republic of south africa companies act, 2008 memorandum of incorporation name of company. 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.
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. There are some essential things you would need to know before you decide to incorporate a company in south africa. Amendment of the companies act regulation, 2011 5 february 2014. In terms of section 223, and item 14 of schedule 5, of the companies act, 2008 act. Companies act 2008 and the companies amendment bill 2010 published in gazette no 33695 of 27 october 2010. Understanding the new companies act pwc south africa. The competition act, 1998 regulates mergers having an e.
Restructuring of companies in financial distress is on the increase globally. 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 incorporated outside south africa. The companies act of 2008 relays the appropriate types of business structures in south africa pertaining to companies. The enactment of s724 and s5 of the companies act, no. 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 companies act 71 of 2008 the act, provides that a company may acquire its own shares, to the extent that it is solvent and liquid, as more fully described in section 4 of the act. What does beneficial ownership mean in south africa. Republic of south africa companies act, 2008 memorandum of. It has become one of the most advanced country in the african continent and preferred destination for foreign investors. Companies act 1963 act 179 section 1commencement spent. Policy, published by the dti in 2004, its vision being that company law should promote the competitiveness and development of the south african economy.
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