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Johannesburg - The new Companies Act, to be implemented on May 1, is a world-class, path-breaking piece of legislation, Trade and Industry Minister Rob Davies said on Monday.
"We will be delivering to the South African economic community a piece of legislation that is path-breaking, is world quality and I believe stands second to none to similar laws in the rest of the world," Davies said at the launch of the Companies and Intellectual Property Commission (CIPC) in Midrand.
The CIPC is a merger of the Companies and Intellectual Property Registration Office (Cipro) and the Office of the Company and Intellectual Property Enforcement, and also comes into effect on May 1.
Davies said the head of a foreign business chamber had told him that "foreign investors have looked at this legislation and said it is top notch legislation".
He said the government had "gone above and beyond the call of duty in meeting the legitimate concerns of all stakeholders".
Some of the concerns were "hugely hyperbolic" and had "anticipated armageddon when no such thing is going to happen".
Davies said there was no need to "spend more time debating hypothetical scenarios", which may or may not affect minorities.
It was time to implement the new act, and not strive in vain for perfection, which was the enemy of excellence.
"As we implement, we are committed to sorting out problems as they arrive," he said, adding that the government would learn by doing.
"... (W)e are willing to engage on any practical problems that may emerge."
The CIPC was "in a state of readiness to take off and give effect to these directives", Davies said.
Responsibilites of the CIPC will include registering companies, promoting awareness of company and intellectual property law, and monitoring compliance of financial reporting standards.
The Companies Act 71 of 2008 replaces the 1973 act, and has been widely debated and criticised for inconsistencies, unintended consequences and drafting errors.
"We will be delivering to the South African economic community a piece of legislation that is path-breaking, is world quality and I believe stands second to none to similar laws in the rest of the world," Davies said at the launch of the Companies and Intellectual Property Commission (CIPC) in Midrand.
The CIPC is a merger of the Companies and Intellectual Property Registration Office (Cipro) and the Office of the Company and Intellectual Property Enforcement, and also comes into effect on May 1.
Davies said the head of a foreign business chamber had told him that "foreign investors have looked at this legislation and said it is top notch legislation".
He said the government had "gone above and beyond the call of duty in meeting the legitimate concerns of all stakeholders".
Some of the concerns were "hugely hyperbolic" and had "anticipated armageddon when no such thing is going to happen".
Davies said there was no need to "spend more time debating hypothetical scenarios", which may or may not affect minorities.
It was time to implement the new act, and not strive in vain for perfection, which was the enemy of excellence.
"As we implement, we are committed to sorting out problems as they arrive," he said, adding that the government would learn by doing.
"... (W)e are willing to engage on any practical problems that may emerge."
The CIPC was "in a state of readiness to take off and give effect to these directives", Davies said.
Responsibilites of the CIPC will include registering companies, promoting awareness of company and intellectual property law, and monitoring compliance of financial reporting standards.
The Companies Act 71 of 2008 replaces the 1973 act, and has been widely debated and criticised for inconsistencies, unintended consequences and drafting errors.
