If you have a Close Corporation (CC) in South Africa, you have two choices: 1. Keep it ‘as is’. According to the current law (Companies Act of 2008), CC’s will continue to exist in its current form for the time being. Note that there are new requirements with which you need to stay up to date. 2. Convert your CC to a Private Company (Pty).  This is definitely the safest option as the Companies Act correspond 100% with the Pty’s documentation. Also, to gain the Advantages which are included in the latest Company Act for Private Companies, it could be a smart move to convert your current CC to a Private Company. CC to Pty conversions are a common practice.