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Does Google provide for the ability to transfer an Adsense account from an individual to a company? Or would I have to re-register under the company?
I contacted Google and received a similar letter about canceling and reopening. The rep that talked to did offer to expedite the approval of my new account and get the new account to me as soon as possible. I think the time between canceling the old account, per an email to the rep, and getting my new account approved and information to me was about 2-3 hours.
It may depend on how much revenue you are making for them.
Last feb I wanted to switch to a business account. They allowed me to apply for the new business account (which was approved within the a couple of hours) and then change the code on the website to the new account over an extended period of time. I still have both accounts open.
Also, I was still receiving clicks (and revenue) on the old account 6 months after removing the code because of cached pages.