New Companies Act 2008 - effective from 1 May 2011

By: Myfinance-online  11-11-2011
Keywords: New Companies Act

2011-05-03

The new Companies act has now been implemented introducing quite a few changes in the registrations of companies.

In short the following has changed:

  • No new Close Corporations (CC's) can be registered anymore. CC's applied for before 1 May 2011 will still be re-gistered.
  • Existing CC's will continue to exist and although not compulsary can be converted into a new PTY Ltd
  • Only Companies (4 diffrent kinds) can be registered from the 1st of May 2011
  • The most common type is a private company (PTY) Ltd which is comparable to the 1973 Companies act.
  • Annual returns must still be lodged for CC's, Companies, as non-profit Companies now also need to lodge annual returns, the process and fees for annual returns has been changed slightly.
  • The restoration of de-registered enties (CC's/PTY) has also been changed with more info/supporting documents now required to restore an entity.

We will be changing our website over the next couple of days to accomadate for all these changes, keeping it as user friendly as always, ensuring you still get the best online services available on the internet.

Please visit our website reguraly as we will be updating on a daily basis.

Myfinance-online management

Keywords: New Companies Act

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11-11-2011

Submit Annual Return for Close Corporations/Companies (with CIPC

The entity will be referred for deregistration and then eventually de-registered from CIPC database which can mean that bank accounts will be frozen, no credit can be applied for etc. Confirmation that the Registrar is in possession of the latest information of the close corporation/company. Each close corporation/company is compelled in terms of the Act to lodge an Annual return once a year.


11-11-2011

Services

Please make sure you have all the information on hand needed for every specific form before you start completing it. Turnaround time for the service.


11-11-2011

Amend a Close Corporation's Details (Add/Remove Member(s) etc

As soon as we receive the amended founding statement from CIPRO your oder status will be updated and the electronic form will be e-mailed to you directly. We do not render this service as the new accounting officer should be able to assist you with this. The new proposed names are send to the Registrar who will test the names for comparative names. All current members as well as new/resigning members where applicable.


11-11-2011

Convert a Close Corporation (CC) into a Private Company Pty (Ltd

Although not compulsary it is highly recommended that you convert your current Close Corporation into a Company as defined in the new companies act of 2008. Just complete the attached form, make payment for the R350, and post the signed Power of Attorney and statement of Consent forms to us. We will send the incorporatiion certificate to you as soon as the conversion has been done by CIPC.


11-11-2011

Restore a De-registered CC/Company - Online financial service

The fee of R450 is all inclusive (CIPRO/CIPC fees included) This fee is for restoration of a CC/COMPANY only,and obviously it doesn't include the fees for annual returns as explained in point 3 above. When annual returns are not submitted over a period of time CIPRO/CIPC will come to the conclusion that the CC/COMPANY is not in business anymore and de-register the CC/COMPANY.


11-11-2011

Register A Company - Online financial service

A private company will still be prohibited from offering its shares to the public and the transferability of its shares will be restricted, but it may now have more than 50 shareholders. IF YOU DON'T FEEL LIKE DOING IT ONLINE YOU CAN DOWNLOAD THE APPLICATION FORM HERE. It will be the duties of the directors to see to it that proper records are kept. Same skill and experience of that director – a reasonable man/women test.


11-11-2011

Register a Close Corporation/Company for income tax and obtain a tax clearance (tax clearance optional

If you selected the option to receive a tax clearance certificate, it will be posted via priority mail to the client as soon as the entity is registered for income tax. If already registered the business need not to register for a separate income tax number as all income must be declared in the owner’s personal capacity.


11-11-2011

Register as individual taxpayer - Online financial service

If you don't want to follow the online route you can e-mail your latest IRP5 document, together with your banking details and proof of payment of R325 to and you will receive your tax number within 5 hours. On average you will receive your income tax number within 5 hours and in worst case scenarios (SARS systems down etc) you will receive you income tax number within 48 hours.