Company amendments are something that every business will need to consider at some point or another. Whether your company name is changed, the financial year end is changed, your company address or records location is changed, your company share capital is changed, your directors or shareholders are changed or any other changes occur at any stage, it is essential that your statutory records are kept up to date.
This process can often seem far more stressful than it is in reality – especially when trying to manage company amendments without sufficient assistance from an experienced corporate secretarial service such as Henzel. To help make the process a little easier, we have put together a list of the situations that require amendment.
When Are Company Amendments Required?
Under which situations would company amendments be required, you may be wondering? For starters, here are some of the most common reasons to amend your company information.
When the company name is changed.
To change the name of an existing company or add a name to a company that may be trading under a registration number, you will need to adopt these changes by approval by shareholders per special resolution.
When the financial year end is changed.
Only the current financial year end can be changed. Please note that the financial year cannot be older than 15 months. The directors of the company can approve the changes to the financial year end of the company and need to be filed with CIPC.
When the company address or record location is changed.
Your company registered address is highly important, as this is the address used to send legal documents. The Companies Act requires every company to keep records and various other documents at a location that is declared. If records are kept at an address that differs from your company address, you will need to update this information, too.
When the company share capital is changed.
Under the new Companies Act, shares have no nominal or par value. Your board will need to determine the price at which shares may be issued. Any decrease or increase of share capital needs to be filed. If your company was registered in terms of the old Companies Act, shares have a nominal par value. These par value shares can also be converted into no par value shares.
When company directors or auditors are changed.
You will also need to update your company documentation if there are any changes that apply to directors. Whether directors are appointed, retired or removed, it is essential to keep your records updated accordingly. This also applies to any auditors that are appointed or removed from the company.
To ensure that all company amendments are handled efficiently and professionally, Henzel is here to assist.