Sep 01, 2016 updates on recent developments in namibian law. Government gazette of the republic of namibia windhoek 28 february 1994 contents page government notice no. No representation is made or warranty given as to its content. Signed by the president as amended by act to provide for. This summary intends to afford clarity as to the new sectional titles act and the advantages and disadvantages thereof as. Act online ministry of trade and industry, namibia consulted on 20080519 abstractcitation. Namibia introduced the for eign investment act in 1990 which affords protection to foreign investment and introduced an investment centre within the ministry of trade and industry to streamline and encourage. For purposes of the epz, a separate new business outfit needs to be established with its own. A business and investment guide for namibia pricewaterhousecoopers this guide is a business and investment guide for namibia, and is based on the latest available information as at 31 march 2008. The act will also give the minister of industrialization, trade and sme development the option, in the interest of national security and public interest, to reserve certain sectors for certain categories of investors or for the state or namibians. 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. A brownfield project or company which is already operational and is involved in manufacturing and exporting or plans to export, can not be converted into an epz enterprise. Companies act 28 of 2004 gg 3362 brought into force on.
Notes on the guide to companies act no 71 of 2008 this guide is intended as an easy reference, pocketsized guide for directors, shareholders, company officers and any other stakeholder who has an interest in corporate law reform. The namibian companies act 28 of 2004, amended 2011, contains a numberof provisions that will directly. Superiority ofact part ii incorporation and registration of companies 6. By simana chimana 200141775 a thesis submitted in partial fulfillment of the requirements for the degree of master of laws international economic law, faculty of law, university of namibia. Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. Interested director not to participate or vote in boards. Companies act 28 of 2004 companies administrative regulations, 2010 9. Prohibition of partnership exceeding twenty m embers.
Enacted by the parliament of zambia part i preliminaryprovisions 1. Restricted application of act in case of banking and insurance companies and certain other. Act 1 companies act 2012 legal information institute. Companies act 28 of 2004 act legal assistance centre. In this code, unless the context otherwise requires, the expressions defined in the first schedule hereto shall have the meanings assigned to them in that schedule. Companies act 2008 and the companies amendment bill 2010 published in gazette no 33695 of 27 october 2010. Therefore where an inquiry is made pertaining to a namibian director in relation to negligence, reckless conduct or fraud, the legal rules are the same for all directors of a namibian company. Annual financial statements that have been prepared in accordance with the namibian statement of generally accepted accounting practice nac 001. An act to consolidate and amend the laws in force in zimbabwe relating to the constitution, i n corporation, registration, management, administration and winding up of companies and other associations, and for other purposes incidental thereto. The namibian newspaper still telling it like it is. Companies act 1963 act 179 section 1commencement spent. Sms of the day while other leaders are navigating and figuring out how to move their people out of the covid19 pandemic, our own. Rectification by company law board of register of charges.
The contents of a memorandum and articles of association of a preexisting company may thus remain unchanged for two years calculated from the effective date of the act, being 1 may 2011 until. This act may be cited as the companies act, 2017 and n. Companies act 28 of 2004 legal assistance centrenamibia. Promulgation of act of parliament the following act which has been passed by the parliament and signed by the president in terms of the namibian constitution is hereby published in terms of article 56 of that constitution. An act to consolidate and amend the laws in force in zimbabwe relating to the constitution, in corporation, registration, management, administration and winding up of companies and other associations, and for other purposes incidental thereto.
Deloitte namibia changes to the 2004 companies act made. The companies act bangladesh, 1994 see section 404 published by notification no. Most of the amendments made, however, relate to a modernisation of the act with wording amendments. Financial reporting for small and medium sized entities. Harnessing namibias manufacturing and exporting potential. Laws of brunei chapter 39 companies act enactment no.
We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. Namibia welcomes foreign investment however and virtually all business activities are open to foreign investors. To provide for the incorporation of a company to undertake the operation, management and control of certain aerodromes in namibia. Companies amendment act 9 of 2007 gg 3969 brought into force on 1. In other words, there is simply a list of companies at the end of the act, and any enterprise listed there is by definition a. Registrar and offices for registration of companies. Namibia has published regulations relating to the development, production, marketing, transport and application of genetically modified organisms and specified products derived from genetically. Where group annual financial statements need not deal with subsidiary.
Tax liabilities are calculated on a selfassessment. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. Nor is it a substitute for the professional advice you may need from legal practitioners, auditors, accounting officers or secretarial firms to assist you in the registration of your business. The stateowned enterprise governance act of 2006, however, defines a stateowned enterprise as an entity that is named in schedule 1 to this act. Appointment of registrar, deputy registrar and delegation of power 7. Companies act 71 of 2008 english text signed by the president assented to. The guide is published by pricewaterhousecoopers namibia. The saica guide to the companies act 71 of 2008 has been released. Deloitte namibia changes to the 2004 companies act made in 2011. The companies act 61 of 1973, enacted in south africa while south africa. We expect that the bill will be passed as is and that. Public procurement act, 2015 acf presentation robert grant 18 may 2017. Signed by the president on 27 september 2002 be it enacted by the parliament of the republic of namibia as follows.
Inspection and copies of documents in registration office 9. This act may be cited as the companies act chapter 24. The following act which has been passed by the parliament and signed by the president in terms of the namibian constitution is hereby published in terms of article 56 of that constitution. Companies act 1993 no 105 as at january 2020, public. The act gives companies a two year transitional or grace period in which to comply with the new act. Second amendment act, 2001, so as to amend the short title of the said act. Namibia publishes regulations under the biosafety act. The tax year is the same as the financial year of the company. In this act, unless the context otherwise indi cates approvein relation to the surveyorgeneraland to. Contract of employment namhr namibia namibian human. Companies clarification of dividend rules in companies amendment act 2019 2019 no 68 regulatory systems economic development. The current rate of corporate income tax is 34% commencing on or after 1 january 2009. Airports company act 25 of 1998 namibia legal database.
Section 21ngo section 21ngo procedure to register nongovernmental organisations ngos and associations not for gain. Power of inspectors to carry an investigation into the affairs of related companies. Registration of external companies as companies in namibia. The application, in terms of section 2993 of the act, by a company for approval. Companies act 2014, section 299 irish statute book. Manner of payment of fees to registration office 10. An analysis of the impact of competition act, 2003 act no. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows. This wording has been approved by the technical committee of the institute. Seal to be determined by act of parliament, which shall require a twothirds majority of all the members of the national assembly for adoption and amendment. The third act is the business and intellectual property authority bipa act.
Government notices no 306 2012 competition act determination of class mergers to be excluded from chapter 4 of competition act, 2003. The new companies act, pfma and king iii in perspective steering point no. The draft regulations are released for further stakeholder engagement, and in preparing this draft regulations the dti took into account the companies act, 2008 and companies amendment bill as. The taxable income of external companies is computed in the same way as for local companies. The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011. On 28 september 2004, the amendment bill to the namibian companies act, act 61 of 1973, was read for the third time in the national assembly.
To provide for the incorporation, management and liquidation of companies. Application of act to existing companies and savings. Oil and gas extraction companies are also subject to additional profits tax that is calculated in terms of a complex formula contained in the petroleum taxation act. Signed by the president on 11 november 2002 be it enacted by the parliament of the republic of namibia, as follows. Certain regulations of the longterm insurance act and of the pension funds act were amended to prescribe to insurance companies and pension funds that they must invest a minimum of 1,75% and a. The basic rate of tax payable by oil and gas extraction companies are 35%. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. The namibian companies act 28 of 2004, amended 2011, contains a numberof provisions that will directly impact all companies, directors and officers.
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