You have until the end of April to complete and submit your MOI and register your company with the Companies and Intellectual Property Commission (CIPC) free of charge.
After that, 'the Commission will begin issuing compliance notices to companies who have not yet registered their new MOI, and a fee will be charged when lodging and registering it,' explain attorneys Madeleyn Inc.
But what exactly is MOI?
'A MOI is a legal document that states the rights, duties and responsibilities of shareholders, directors and others within a company. Basically, it replaces your existing Memorandum and Articles of Association,' explains attorney Garth Watson in the Practical Accountancy Loose Leaf.
There are two ways your company can get an MOI
But be warned, says Watson. If you don't submit a MOI, your existing articles and Memorandum automatically become your new MOI, they might be contravening the Companies Act without you knowing it.
Bottom line: MOI's are a legal requirement – you can't have a company without one. Since the process of drafting and submitting your MOI can be quite lengthy –don't leave it to the last minute or you could land in hot water with the CIPC.
To help you create your own customised MOI in minutes simply click here...