The Department of Trade and Industry (DTI) has recommended May 1 to the Presidency as implementation date for the Companies Act of 2008.

This comes after the DTI on Thursday announced that there should not be any more delays in the implementation of the Act, and that the Companies Amendment Bill had only to go through the necessary approval processes, which would culminate in President Jacob Zuma’s assent.

However, the DTI said in a statement later in the day that the Presidency should be allowed to “apply its mind sufficiently in processing” the bill before signing it into law.

The systems and processes necessary for the operation of the Companies and Intellectual Property Commission were on track, including the appointment of the commissioner and deputy commissioner.

The Portfolio Committee on Trade and Industry adopted the Companies Amendment Bill on March 24, following a rigorous consultative process that resulted in the incorporation of recommendations from stakeholders.

Issues that were raised by stakeholders during the eight-year process and rectified by the DTI, included the domestication of companies, the business rescue model, the registration of external companies in South Africa and the clarification of independent reviews.