This article in the news today” The legal framework necessary for the implementation of the new Companies Act would be ready on April 1, Zodwa Ntuli, the deputy director-general at the Department of Trade and Industry (dti), told the portfolio committee on trade and industry yesterday. She added that the minister had consulted widely on the matter and that the business community was fine-tuning their systems to bring them into line with the new legislation. Ntuli, who was providing the department’s response to submissions on the proposed new legislation, told the committee that requests for an extension beyond the April 1 date “should not be entertained”.”

This act holds some interesting options both good and bad for small business owners. Our advice, if you want to start a business this year, get your Close Corporation registered now before April. This gives you a huge advantage not having to apply for a business under the new law, that is doomed for a slow implementation through CIPRO.

The new business structures will offer you Closely held and Publically held businesses with a lot more accountability and financial processes. We will hold another round of talks and articles on this leading up to April.