How to keep your company compliant at CIPC
CIPC is currently busy deregistering companies at high volumes for not being compliant with CIPC regulations. This can lead to the the bank freezing the company’s bank account leaving the company unable to access their funds. What do you need to know about this issue, and how to correct it?
Beneficial ownership
The following types of company needs to submit their beneficial ownership:
- Close corporations
- Private companies
- State owned companies
- Personal liability companies
- Non profit companies
- Public companies
This refers to disclosing the information of the people who benefit from the profits of a company. This means the ultimate shareholders. The shareholder of a company can be a natural or juridical person. If the shareholder of a company is another company or trust, the shareholders of that entity also have to be declared. It is important to declare the correct detail and supporting documents to CIPC.
We can assist to submit you company’s beneficial ownership for only R250, click here.
Annual returns
All companies and close corporations have to submit annual returns. These returns are submitted in the month of the company’s anniversary. For example, if your company was registered in April, you will have to submit the annual returns to CIPC every year in April. With the annual returns, the annual turnover, as well as other details have to be submitted. Some of the details include who gives financial advise to the company, whether there is an external person who compiles the financial statements etc. Penalty fees are raised when the returns are submitted late.
Click here if you need assistance to submit your annual returns.
Contact details
It is very important to ensure that your contact details are up to date at CIPC. This means the contact details for all directors. One time pins are used by CIPC to affect director amendments, or to submit beneficial ownership. To find out how to more on how register a customer account, read the article here.
Re instatement
If your company has been deregistered, it is possible to re instate it. The unofficial turnaround time is 10 business days. But this can be prolonged if there is a backlog of processing transactions. For assistance with re instating a company, click here. The cost is only R400.
