TMF South Africa can also help your company navigate the regulations and legislation surrounding company ownership and administration governed by the Companies Act of South Africa (Act No. 71 of 2008). Our knowledgeable staff are well-versed in the intricacies and regulations surrounding corporate governance and our services include:
- General meetings: we will organise all board meetings, with board packs and minutes thereof, as well as meetings between shareholders and various committees
- Company administration: we can assist you in appointing and/or changing directors, arrange the transfer of shares and changes to registered company name
- Correspondence: we will handle all administration and correspondence with the Companies and Intellectual Properties Commission of South Africa (CIPC)
- Provision of shelf companies: we offer this service to help expedite and streamline the registration process
- Company registrations: allow us to assist you with the seamless, painless formation of your company. We have a dedicated team of administrators to see to all your company registration needs. We manage the name reservations, issuing of share certificates and the lodgement of the Memorandum of Incorporation
- Maintenance of statutory books: we will hold and maintain all statutory books including resolutions, minutes and corporate records
- Process agent services: we can offer your company a registered address in South Africa as well as mail handling services
The Department of Trade and Industry (DTI) introduced amendments to the Companies Act in 2011 due to a need to update and modernise business practices in South Africa. The act was amended shortly after the King III Code and Report was implemented in 2010. Both work together to promote compliance with the Bill of Rights as outlined in the Constitution to inspire transparency and encourage high standards in the corporate governance of companies.
The statutory duties of a company are the laws and regulations which govern the organisation. According to the Amended Act, the statutory obligations of all registered companies are:
- Accountability and transparency
- Maintaining and keeping accounting records
- Providing for the proper conduct of audit or independent review
- Annual financial statements and financial statements
- Director report
- Business rescue duties
- Codified regime of directors’ duties
- Disclosure of personal finance interests
Other duties including those pertaining to the Memorandum of Incorporation, compliance with legislation and corporate governance minimum guidelines and recommendations per King III.