Abstract
The purpose of the study was to determine the perceptions of small, medium and micro enterprise (SMMEs) owners regarding the implementation of the New Companies Act. A quantitative approach was followed in the study where data were collected via structured questionnaires on a sampled of 335 SMME owners from various provinces. The results indicate that most of the participants are not aware of the companies Act and its compliance requirements. It further emerged that no consultation and awareness made by the government or its agencies when the phasing out of close corporations was made. It was found that there are different perceptions on the implementation in terms of qualifications levels. It is thus recommended that prior to the implementation of the Act, a thorough consultation and awareness be made to the businesses. Finally, it is recommended that sensitisation workshops be conducted among SMME owners to ensure that the business owners have full understanding of the Act so that they are able to comply with its provisions. Key words: Small, medium and micro enterprise (SMMEs), New Companies Act of 2008, Old Companies Act of 1973.
Highlights
The new Companies Act No 71 of 2008, hereafter referred to as the Act was signed into law by the interim President Kgalema Motlhanthe in 2009
The purpose of the study was to determine the perceptions of small, medium and micro enterprise (SMMEs) owners regarding the implementation of the New Companies Act
A quantitative approach was followed in the study where data were collected via structured questionnaires on a sampled of 335 SMME owners from various provinces
Summary
The new Companies Act No 71 of 2008, hereafter referred to as the Act was signed into law by the interim President Kgalema Motlhanthe in 2009. According to Booysen (2010), it is anticipated that the Act will simplify practices for instance, companies are allowed to effect certain change requirements in accordance with their environment or circumstance, the regulatory burden on companies has been reduced, but with strict accountability and transparency requirements. This implies that all entities regardless of their nature, size or form of incorporation will comply with the provisions of the new Companies Act No* 71 of.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
