The new corporate legislation ... What does it mean for you ?

With effect from May 1, 2019, a new Companies and Associations Code has entered into force. Some 'highlights'....

What changes now?

• The number of legal forms is reduced to 4 (Private Company, Limited Liability Company, Cooperative Company and the partnership)
• For newly incorporated companies, the change will take effect from May 1, 2019. For existing companies, a transition period is provided and the new WVV will apply as of January 1, 2020 for the mandatory provisions subject to earlier application (opt-in). The articles of association must be amended by 31/12/2023.
• Minimum capital requirement is abolished but don't forget the importance of the financial plan showing your capital requirement
• The SA may have one shareholder
• Greater freedom in voting rights scheme per share
• …..