Ongoing compliance checklist for private companies

Registering a new private company, or acquiring an existing one, is usually accompanied by a level of excitement for the new business venture being pursued. To ensure that it develops and operates without a technical glitch, it is useful to consider the ongoing compliance requirements under the Companies Act 71 of 2008 (Companies Act) for private companies, which are set out below.

Sector Head, Director

Corporate & Commercial Law

Corporate & Commercial Law

At a glance

• Registering or acquiring a private company comes with ongoing compliance requirements under the Companies Act 71 of 2008.
• The Companies and Intellectual Property Commission (CIPC) enforces compliance, and non-compliance can lead to compliance notices, fines, or de-registration.
• It is advisable for private companies to seek professional advice and assistance to ensure compliance with the necessary paperwork and requirements.

The Companies and Intellectual Property Commission (CIPC) regulates compliance with the Companies Act, and failure to comply may result in compliance notices being issued, fines being imposed, or the company being de-registered. It is therefore best to keep this checklist handy to avoid any unintended consequences.

The checklist set out above only provides a cursory glance at the compliance requirements affecting private companies. It is recommended that private companies engage and retain professional advisers to

“take care of the paperwork”.

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