Why should I submit annual returns to CIPC?
Every private company, non profit company and close corporation need to submit an annual return to CIPC during the anniversary month of the legal entity. Failure to submit annual returns will result in penalty fees, and later on the deregistration of the company.
Why it is important to submit accurate information.
The filing fees for annual returns at CIPC works according to a scale based on the turnover of the company. A lot of people submits a lowered turnover in order to safe on fees. This is never a good idea, as SARS and the CIPC has a relationship where they share information. So you could end up with trouble if you underdeclare your turnover on CIPC.
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