They’re out! Regulations make debut just four working days before Companies Act comes into effect

South African businesses have officially been given four working days – factoring in all public holidays coming up – to review the Regulations which have just been released ahead of the 1 May effective date for the much-awaited Companies Act.

The final Regulations accompanying the new Companies Act have just been released – Wednesday 20 April 2011.

Grant Thornton SA’s national chairman, Leonard Brehm says that such a rushed release of the Regulations in advance of next week’s new Act is unsatisfactory.

“After an initial review of the 173 pages of Regulations released this afternoon I’m concerned about the significant changes and new sections therein,” says Brehm. “South African businesses require reasonable time to absorb, review and understand the implications of the Act and to carry out the requirements according to the new Act.”

The dti officially announced earlier today that President Jacob Zuma has now signed the Companies Amendment Act and that the Companies Act of 2008 will be put into legal force on 1 May 2011.