Section 295 of the act provides that, if any financial statements or circulars of a. Application of act to existing companies and savings. The namibian companies act 28 of 2004, amended 2011, contains a numberof provisions that will directly impact all companies, directors and officers. With acts you are guaranteed the latest and most up to date resource for your legislative needs.
The officewill be open to the public from mondays to fridays from 09. Namibia publishes regulations under the biosafety act. 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. Deloitte namibia changes to the 2004 companies act made in 2011. The companies act 71 of 2008 the act has, however, changed the playing field in this regard. Act rule means a rule of the bank made under section. Signed by the president on 27 september 2002 be it enacted by the parliament of the republic of namibia as follows. Hits of jurisdiction act n2 3 of 1990 territorial sea and exclusive economic zone of namibia act, 1990 be it eactedby the national assembly of the republic of namibia. No 307 2012 competition act determination of threshold of annual turnover or value of assets below which part ii of chapter 3 of competition act, 2003. No 294 2012 close corporations act amendment of the regulations under the close corporations act, 1988 amendments to. Act online ministry of trade and industry, namibia consulted on 20080519 abstractcitation. Does not apply to, as set out in the schedule published.
Section 63 of the companies act stipulates that the memorandum and. Companies act 2006, section 293 is up to date with all changes known to be in force on or before 25 april 2020. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. Annual financial statements that have been prepared in accordance with the namibian statement of generally accepted accounting practice nac 001. Companies act 28 of 2004 companies administrative regulations, 2010 9. The provisions of the act set the bar for competent directors at much higher levels than we have seen in the past.
Deloitte namibia changes to the 2004 companies act made. It also has the purpose of providing consumers with competitive pricing and increased product choice as per section 2 b of the act. Business law quarterly namibia newsletter labour law new requirement to notify the bureau of vacancies in the government gazette of 15 september 2015, part 3 of the employment services act act 8 of 2011 officially came into operation with immediate effect. Save as otherwise provided in sub section 2, no company hereinafter in this section referred to as the lending company 1 without obtaining the previous approval of the central government in that behalf shall directly or indirectly, make any loan to, or give any. To consolidate and amend the law relating to companies. 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. The 1993 act is the only official legislative material available to provide an overview of the legal landscape.
Please refer to schedule 5 of the new companies act, no. Changes that have been made appear in the content and are referenced with annotations. Signed by the president as amended by act to provide for. Rsm south africa is a member of the rsm network and trades as rsm. This wording has been approved by the technical committee of the institute. The namibian companies act 28 of 2004, amended 2011, contains a numberof provisions that will directly. The namibian companies act, act 28 of 2004 the act contains a number of provisions that will directly impact all companies, directors and officers.
Companies act 71 of 2008 english text signed by the president assented to. Contract of employment namhr namibia namibian human. Changes authorised by subpart 2 of part 2 of the legislation act 2012 have been made in this. Online source of namibian labour law, including labour court reports, comments and general information pertaining to namibian law. There are changes that may be brought into force at a future date. Promulgation of national housing enterprise act, 1993 act 5 of 1993, of the national. 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. Namibian citizenship second special conferment act, act no. In this act, unless the context indicates otherwise. 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. An analysis of the impact of competition act, 2003 act no. Most of the amendments made, however, relate to a modernisation of the act with wording amendments.
To provide for the incorporation, management and liquidation of companies. I general structure of public administration the state and its constitutional basis constitutional and legal basis of public administration namibia is a sovereign, secular, democratic and unitary state, with the seat of. The doctrine of constructive notice has been abolished, and the application of the turquand rule has been codified in section 207 and section 208 of the act. Companies act 2014, section 294 irish statute book. Companies act 1993 no 105 as at january 2020, public act. Section 21 companies in existence before 1 november 2010 are deemed to comply with the requirements of. Provides for the incorporation, management and liquidation of companies. We have highlighted some portions of a letter from mihe gaomab ii, secretary and chief executive of the namibian competition commission, which. Registration of external companies as companies in namibia. In terms of the provisions of this act, any employer who falls within the.
Namibia has published regulations relating to the development, production, marketing, transport and application of genetically modified organisms and specified products derived from genetically. President in terms of the namibian constitution is hereby published in terms of. The namibian competition commission for one is by virtue of act no. Part iii constitution of companies division 1 incorporation section 14. The basic forms of business enterprise in namibia are companies, branches of a foreign. Registrar and offices for registration of companies. However, in practice, the namibian government has jurisdiction to influence certain applications of the act under specific sections and circumstances and these official instructions are seldom reflected in public records. This booklet provides insight into how creditors may. Definitions relating to basic conditions of employment 1 in this chapter a annual leave cycle means the period of 12 consecutive months employment with the same employer immediately following i an employees commencement of employment. Companies act 28 of 2004 gg 3362 brought into force on. Namibian citizenship act, 1990 17 thecertificate ofregistration ornaturalisation issued under thisactinrelation tothestatus oftheperson. Transitional provisions as to unlimited companies and partly paidup shares. 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 section assesses the external position of namibia.
New derivative action under the companies act, the. Financial reporting for small and medium sized entities. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. Offence to issue incomplete financial statements and circulars.
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