Conversions of a Close Corporations To Private Companies
Posted on / by VZLR / in Corporate & Commercial Law

Lapse of Fee Exemption for Conversions of a Close Corporations To Private Companies

The Companies and Intellectual Property Commission previously exempted payment of the prescribed fees relating to conversion of close corporations to private companies, for a period of 3 (three) years, from date of commencement of the Companies Act, No. 71 of 2008.

The Companies and Intellectual Property Commission previously exempted payment of the prescribed fees relating to conversion of close corporations to private companies, for a period of 3 (three) years, from date of commencement of the Companies Act, No. 71 of 2008.

This fee exemption will lapse on the 31st of April 2014 and as from 1 May 2014, the prescribed fees for the incorporation of any profit company will be applicable to a conversion of a close corporation to a private company.

Members of close corporations who are interested in converting their close corporations to private companies, are advised to do so sooner rather than later in order to avoid delayed processing times. All applications for conversion of close corporations must be in the prescribed form and payment of the prescribed fees will depend on whether the application is processed prior to or after the 31st of April 2014.

For more information and friendly advice regarding the procedures and costs involved in converting your close corporation to a private company, feel free to contact our offices.

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