The new Companies Act of 2008 came into effect on the 1st of May 2011, which also saw the replacement of Cipro with the Companies and Intellectual Property Commission (CIPC).
Take note of the following important aspects with regards to close corporations (CCs):
- No new close corporations can be registered, but new companies can be registered. For more information on New Company registrations you can visit the CIPC website.
- No company conversions to close corporations will be registered.
- A close corporation can convert to a company at any time, in terms of the New Companies Act.
- Any future changes to a close corporation would still have to be made in terms of the Close Corporations Act for the following:
- CC amendments
- Letter for accounting officer resignations
- Liabilities exceed assets letters
- Annual returns
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