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■ An annual return must be filed within 30 business days after the anniversary of the
date of incorporation, and if the NPC is required to be audited, the annual return
must be accompanied by the company’s AFS (in iXBRL format), and a compliance
checklist, where applicable. A Beneficial Ownership Register is required to be filed
together with the annual return
■ Company secretary not mandatory and neither is an audit committee
■ An AGM is only required if it is stated in the NPC’s MOI
■ It is not required to, but may register as a Non-Profit Organisation (NPO) in terms
of the Non-Profit Organisation Act. In doing so, it may become eligible for certain
government benefits, and acquire the status of a NPO registered entity
■ Regulation 25(4) states that NPC’s must maintain adequate records of all revenue
received from donations, grants and members’ fees or in terms of funding contracts
or arrangements with any party.

IMPORTANT LAWS AFFECTING BUSINESSES IN SOUTH AFRICA

Knowledge of and compliance with both the common law and legislation is essential
for good governance. Not only do directors need to make sure that they are maintaining
the highest standard in respect of their duties, but they must also ensure that they are
complying with the administrative provisions of other legislation, such as the Income Tax
Act. In addition, it is important that directors have a working knowledge of the guidance
provided in King IV ™.
While the list below is not exhaustive, important legislation (and amendments), including
those expanded upon in the Table below, include:
■ The Companies Act
■ The Close Corporations Act
■ The South African Income Tax Act
■ The Labour Relations Act
■ The Occupational Health and Safety Act
■ The Compensation for Occupational Injuries and Diseases Act
■ The Employment Equity Act
■ The General Laws (Anti-Money Laundering and Combating Terrorism Financing)
Amendment Act
■ The Promotion of Access to Information Act
■ The Protection of Personal Information Act
■ The Financial Intelligence Centre Act
■ The Trade Marks Act

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