In 2018 the Department of Trade and Industry published a Companies Amendment Bill for public comment. There are a number of proposed amendments that affect small and medium enterprises (SME’s) and we will briefly outline a few of the potential implications below:
- Some CIPC related proposals could increase the cost of compliance
- Compliance issues as relates to Close Corporations
- Issues relating to privacy of information as submitted to CIPC
- Finalisation of Annual Financial Statements within 6 months of year end could increase cost of compliance
The Bill is yet to be finalised and a number of issues have been raised by various professional bodies on the proposed Bill. It is probable that the Bill will be finalised in the last quarter of 2019. We will keep you posted on developments in this regard.