-
Why is it important to submit the correct information with your company’s annual return?
All private companies and close corporations have to submit annual returns to CIPC on a yearly basis. The return should be submitted during the anniversary month of the company to avoid penalties. In order for CIPC to send you an email regarding the returns, it is important that they have your correct email address and cellphone number. Together with the annual returns, there is additional information that needs to be submitted. Firstly, the annual turnover for the company has to be declared. Also, if the company has annual financial statements for the period in question, the details of the independent accountant has to submitted. This includes the name of the…
-
Why is it important to submit annual returns to CIPC?
What are annual returns? Every registered company or close corporation has to submit an annual return to CIPC every year. The annual return is basically a declaration reporting on the turnover and operation of your business. Some of the information that has to be submitted is the following: When is the annual return due? The annual return is due every year on the anniversary month of the company. What happens if the returns are not submitted? The first step CIPC will take is to raise a penalty fee. Continuous failure to submit the returns will result in the deregistration of the company. When the company is deregistered, CIPC will notify…
-
Why is it important to submit annual returns at CIPC
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…
