Implementation of the Companies Act, 2008 (posted 4 August 2010)

According to a Notice published on the CIPRO website, the target date of implementing the Companies Act, 2008, is 1 October 2010. Should it appear that this date cannot be met, sufficient notice will be given.

The drafting of the Companies Regulations under the new Act is still in progress and the prescribed forms together with the final draft regulations will be published for general information prior to promulgation.

It is important to note that until the new Act is put into operation it will be business as usual and nothing will change. Until such time as the Companies Act, 2008 is implemented, new close corporations may still be incorporated. It would only be from that date that no further incorporation of close corporations would be possible, as the sections of the Close Corporations Act, 1984, providing for incorporation would then be repealed. However, existing close corporations would continue to exist as close corporations as there are no provisions in any legislation limiting their further existence.

Additional information