Why it is important to submit Annual returns for Private Companies at CIPC
Why do you need to submit annual returns to CIPC?
Private companies have to submit an annual return to CIPC on a yearly basis.
What information should be provided?
The information includes the annual turnover, who oversees the financial record keeping, and updating the contact details of the company. These figures in regard to the annual turnover is shared by CIPC to SARS, so it is very important to submit the correct figures.
What happens if a private company does not submit annual returns to CIPC?
When the annual returns are not submitted, CIPC will charge penalty charges. When the company fails to submit the annual returns, CIPC will deregister the company.
What are the consequences of having your company deregistered?
When a company is deregistered, CIPC notifies SARS and the banks. This means that your private company’s funds can be freezed by the bank because of non compliance. Thus, you will not have access to your funds, which will negatively influence your company’s cash flow.
How we can assist to submit your annual returns at CIPC.
We can submit your private company’s annual returns at CIPC. The cost is R100 per year, plus the annual return fees at CIPC.
Click here to read more about how a private company should stay compliant.
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