Foreign branches and … The Court may now prohibit a person from acting as a director for a period of time if: Loans given to directors and managers before 1 November 2010 by special resolution have to be ratified by all the members of the company. A reduction in the extension period, on application to the Registrar, for the above periods has been made from a 6 months extension to 3 months. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. The penalty for insider trading under the Act is N$500 000 and/or two years in prison. Address. CATS is a registered section 21 company - not for gain. You won’t have to leave your home straight away. The effective date of the Act is 1 November 2010. disclosures of the loan and security in the annual financial statements. of the company named southern africa science service centre for climate change and adaptive land management (non-profit association incorporated under section 21) \\ \ 201'3-10'" 1 \ ellis shilengudwa 'ne p.o. The sections relating to undesirable names has been amended to give the Registrar more authority. Team Namibia - Together, our future is brighter. A general approval can be revoked at any general meeting before the annual general meeting. Part 2. This means you do not necessarily need visit our office and you can be based anywhere in the world. Only public accountants and auditors, attorneys, notaries and conveyances, professional engineers, quantity surveyors, pharmacists and stockbrokers have been exempted from registering as a company where the members exceed 20. The special resolution may be in the form of a general approval that will be valid until the company’s next annual general meeting. Public Enterprises Governance Act 1 of 2019. A company is to hold an annual general meeting not more than 9 months (previously 6 months) after every financial year end, or not more than 15 months after the date of the last annual general meeting. Morning : 08h30 ~ 12h30 Afternoon : 14h00 ~ 16h30 Business and Intellectual Property Authority (BIPA) 3 Rühr Street, Northern Industrial Area P.O.Box 185 Windhoek, Namibia Tel: +264 61 299 4400 Fax: +264 61 401 061 Email: info@bipa.na Accounting records maintained in a language other and English before 1 November 2010 do not need to be substituted in English. Get reviews and contact details for each business including phone number, postcode, opening hours and photos. Companies Act 28 of 2004. It is sufficient evidence to prove an allotment of shares was made to the public if it is shown that the offer of sale was made within 18 months (previously 6 months) after the allotment or agreement to allot. The register of debenture holders should now also include whether these are payable to the bearer or holder of the debenture. info@lithon.com. A Section 21 company is an Association not for Gain. The Act now includes provision for uncertificated securities, being those instruments on a Stock Exchange for example, which do not have a tangible certificate. 23. A directors register of interests in contracts maintained in a language other than English before 1 November 2010, does not need to be substituted in English. If the memorandum or articles of association of a company are not in English, the company has until 31 October 2012 to substitute them, by A section 21 is a legal notice that a landlord can give to start the process to end an assured shorthold tenancy. Refer to Schedule 4 below for an additional amendment. DTTL and each of its member firms are legally separate and independent entities. Consent by experts and others . There have been minor amendments in sections, mainly with the application of the repealed Act, the application of assets and costs of winding up, the power of the Court to hear applications, notice of winding up, dealing with offences in securing nomination as liquidator, confirmation of account, summoning and examination of persons as to affairs of company, examination by commissioner and to the section dealing with pre-judicial management creditors may consent to preference. Founded in 2003, Team Namibia is a Section 21 company (association not-for-gain) that enables Namibians to advance their own economically sustainable future by promoting the use of local products and services.Team Namibia members support the country’s national objective of sustained economic growth, as set out in the National Development … The liabilities of every director, officer and member continues subsequent to deregistration and may be enforced as if the company had not been deregistered. Conversion of public company, having share capital into private company… Apart from a name change, however, from “Associations not for gain” to “Non-profit associations”, the only other amendment is that the name of the company is to include the suffix “Non-profit association incorporated under section 21”. Specifically, the commissioner must decide on how much representation in a particular workplace a union is allowed: An association may be incorporated as a company limited by guarantee. quorum for a meeting of a company’s board of directors. After five years from the date of deregistration of a company, no responsibility will remain with any person responsible for the custody of the books and papers of the company. under section 21 of the Companies Ordinance (Revised 2011) 1. Most of the amendments made, however, relate to a modernisation of the Act with wording amendments, from South West Africa to Namibia, to remove gender bias, to include Namibian legislation like the Anti-Corruption Act of 2003, to standardise company secretarial documents to the official language and to update penalties and fees applicable. Financial assistance may now be given (previously an offence) for the acquisition of shares in a company, or its holding company, if prior approval by special resolution is obtained and if the company will remain liquid and solvent after the acquisition. Conversion of Companies. Lithon South Africa. That director or officer has persistently failed, without reasonable steps, to comply with the Act or repealed Act requiring any return or other document to be lodged. Foreign branches and non-profit associations can register as section 21 companies, provided they comply with the requirements of section 21. An auditor must report to the members of a holding company where the directors of a holding company have not decided to make out consolidated annual financial statements. The amended Schedule 4 to the Act is applicable to companies with financial year ends commencing on or after 1 November 2010. A person who, as director carried on the business of the company recklessly or with the intent to defraud creditors. Forms of doing business. The principle of ultra vires, being that no act of a company will be void by reason that the company or directors acted without the necessary power, has been removed from the Act. 2. There is no obligation for a private company to send the annual financial statements to the Registrar. Companies incorporated before 1 November 2010 may amend their memorandum by special resolution to remove objects if so desired. Welcome to OMDis OMDis Town Transform Agency (“OMDis”) is a Section 21 Company, or Special Purpose Vehicle. The only requirements are that a company may now reduce its own share capital, by special resolution if permitted by its memorandum and articles of association, and if after the reduction, the company will remain liquid and solvent. From 1 November 2010 onwards the register is to be maintained in English however, and the same condition applies to minutes of meetings held before 1 November 2010. The climate of Namibia is hot and humid, and rainy season is short, the sun shines almost 365 days per year. Namibia: Page Updated: 10 March 2020: Most viewed Laws & Regulations. After 1 November 2010, applications will have to be made to the Minister for new associations or partnerships (other than those exempted already) with members exceeding 20. 21. If the director indeed had such knowledge, the Act will allow the debtor company to pursue a civil claim for loss/damages against the relevant director. You might be given a section 21 notice during a: rolling periodic tenancy fixed term tenancy - if there's a break clause It gives a date for you to leave your home. Background The Act was signed into law on 8 April 2009 and become operative from 1 May 2011. the accounting records are to be maintained in English. The objects may be stated, but it is not required, and these would be seen as an internal restriction only. Section 21 of the LRA sets out considerations, which a CCMA commissioner must take into account, when it resolves a dispute about organisational rights. This would be done by special resolution and the requirement of liquidity and solvency apply. Yes! Telephone +27 11 201 20299. The new Act introduces a couple of new options for NPCs, and if your NPC does want to take the opportunity to adopt these changes, or if it needs to amend its MOI for any other reason (satisfying SARS’ requirements is a common reason) then it would be appropriate and necessary to … This is not a new requirement given the existing IAS 24 Related Party disclosure requirements of International Financial Reporting Standards, but what is different is that the directors and officers (including past directors and officers) of the company will be guilty of an offence A share premium account can now be utilised in the redemption of preference shares, if in terms of the original issue and so authorised by its articles, that were issued before 1 November 2010. Sections relating to names and defensive names have been amended to ensure names are in the official language, that the period of registration or renewal of a defensive name is two years (previously one year) and that every company must display its registration number alongside its name in all notices, official publications, money orders and stationery used. The Registrar will maintain a register of disqualification orders that are available for inspection under the normal inspection rules. The date of any revaluation of assets and the revalued amounts are now required to be maintained in the register of fixed assets. Namibia Newsletter January 2013 According to a Press releases, all compa-nies with a payroll over N$350,000.00 a year will be liable to pay a 1.5% VET levy to the Namibia Training Authority (NTA) before or on the 20th of each month. It is a private initiative by the Namibian industry and currently consists of 21 member companies. (previously 6% p.a.) If you get a section 21 notice, it’s the first step your landlord has to take to make you leave your home. Find Section 21 Company in Za on Hotfrog. What is a section 21? You might be able to challenge your eviction and stay longer in your home. A subsidiary is now defined by control and not a majority shareholding percentage. CONTINUING PROFESSIONAL DEVELOPMENT ASSOCIATION FOR EDUCATORS IN NAMIBIA (NON-PROFIT ASSOCIATION INCORPORATED UNDER SECTION 21) (and shall if so directed by the Meeting) adjourn a meeting from time to time, and from place to place, but no business shall be transacted at any adjourned meeting other Nowadays, it is cost-effective and promising to register company in Namibia. The NTA will act as a collecting agent and will be responsible for the administration of the VET fund in Namibia. In order to assist persons applying for a licence under section 21 of the Companies Ordinance (Cap.32), the attached standard form has been prepared to indicate the way in which the Memorandum and Articles of Association should be prepared. Please see www.deloitte.com/na/about for a detailed description of DTTL and its member firms. A Section 21 Company must be registered in the same manner as any other company in Namibia and must follow the same rules and regulations that apply to other kinds of companies. In either case, since the coming into force of the 1996 Act, the notice must be in writing. An agent of the landlord may give the notice on behalf of the landlord. 160. Additionally, in terms of section 77(2), a director of a company may be held liable in accordance with the principles namibia islamic judicial council (non-profit association incorporated under section 21) (incorporated association not for gain) mark as favourite Most of the formal civic organizations are registered as trusts, a far easier and cheaper window for registration. 11 of 2007) Affirmative Action (Employment), 1998 (Act No. Simply email or WhatsApp to us the following documents and information: Requirements to register Close Corporation company (cc) Minimum 1 member […] An section 21 company established before 1 November 2010 may use the suffix “Incorporated Association not for Gain”. Interim Reporting now requires not only comparative amounts (unaudited) of the preceding period to be disclosed, but also the audited amounts of the most recent financial period. If this is not done, they become jointly and severally liable to repay the money with interest (at 6% p.a.). and liable to a fine or imprisonment if the disclosure is not made. 22. 25. If a company lends money to its holding company or a subsidiary of its holding company, but not to a subsidiary of itself, it must make It has been replaced with sections 40 and 41 of the Act which relate to dealings between a company and other persons as well as no constructive knowledge. This register is to be open for inspection. Registration of business in Namibia can be made in the following forms: Namibia is one of the richest countries in Africa. Interim and provisional reports are to be sent to members and holders of debentures in the same manner as applicable for the annual financial statements of a company. Learn how this new reality is coming together and what it will mean for you and your industry. Incorporation of certain branches of foreign companies and non-profit associations . Lithon Foundation is registered as a Section 21 Company in October 2014, as well as a Welfare Organisation, with the Ministry of Health and Social Services. CATS students are employed by one of the CATS member companies for two years. Section 21 of the 1988 Act provides two different mechanisms under which a landlord can give notice to obtain possession of their property. anywhere in the world!! The owners are called shareholders. An external company does not require an auditor where its sole purpose is to establish a registration office of a share transfer office in Namibia. 22 Meaning of "private company" and cessation of its privileges 23 Incorporation of certain branches of foreign companies and non-profit associations PART 2 CONVERSION OF COMPANIES 24 Conversion of public company, having share capital into private company, and vice versa 25 Conversion of company into incorporated non-profit association or How to Register a Business in Namibia 4 NPCs are no longer (as section 21 companies were) public companies, but are in a category of their own. A company may with the written approval of the Registrar, and subject to any conditions determined, exclude any category of members or debenture holders of a company who are not resident in Namibia from any rights offer. Company not to be member of its holding company 46. Meaning of “private company” and cessation of its privileges . Section 21 Companies Wednesday 2 August, 2006 - 13:45 Just a question for NGOs - it seems that we are disadvantaged when tendering for Government contracts, which we do quite often - as we cannot show HDI ownership especially of equity. There are no available figures on the number of section 21 companies in existence in Namibia, but it is believed that there are not many of them. If the private company does not, however, have its annual general meeting within 9 months of its year end, the Registrar, may on application by a member, require such a submission. A company has the power to question any registered shareholder as to who holds the beneficial interest in securities, going back as far as three years if needed. Section 21 companies in existence before 1 November 2010 are deemed to comply with the requirements of the new section 21 of the Act. • The auditor needs to complete a CM31, which contains all his details and serves as his consent to act for the company. [The heading of section 5 in the body of the Act is ... 24. A company duly registered in terms of section 21 of the Companies Act Registration Nr 1997/004896/08 ... PPF website will have a section dedicated to each TFCA and will be developed with the ... arbitration shall be held and completed within 21 (twenty one) days after it was demanded. The most significant change to the Companies Act is the amendment of sections relating to the reduction of share capital. The auditor of a company has a duty to report all dormant entities to the Registrar. The annual duty is also to be paid within one month of a company’s financial year end. Notice of intention to convert a company is now 15 days, in the Gazette, before the date of the meeting, previously three days. More onerous disclosure requirements have been created for annual returns to be made by companies, which is required to be lodged with the Registrar within one month of a company’s financial year end. 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