Taxrek takes care of all our corporate clients (close corporation – CC) statutory requirements for any amendments to the CK documents at CIPC (previously known as CIPRO).
Due to the new Companies Act 71 of 2008, no new close corporations can be registered anymore as unaudited companies have replaced the unaudited benefit of CC's in South Africa.
The final outcome to CC's as entities is at this point unknown, but these types of entities would continue to exist for the foreseeable future and amendments to their statutory documents will still continue to be processed by CIPC.
At Taxrek, we do believe that the close corporation structure as an entity would be phased out and replaced by unaudited companies (Pty Ltd).
We would therefore suggest that our corporate clients that still operate as close corporations transfer into unaudited entities as soon as possible.