Yesterday Cabinet approved the publication of the Companies Amendment Draft Bill (Bill) for public comment. The Bill, once approved, will amend the Companies Act, 2008. The stated purpose of the Bill is to reduce the regulatory and administrative burdens to business owners and enhances South Africa’s attractiveness to potential investors.
The Bill itself has not been released to the public. It is expected that it will be published in the next few weeks, followed by a consultation and comment process. It is not clear what the period for comment will be. We anticipate that the final Bill will only be gazetted for approval by Parliament after next year's national elections.
Once the Bill is gazetted, we will share with you our insights on the proposed key amendments.