Annual returns / CIPC / Fees / South Africa
On an annual basis Companies or Closed Corporations need to submit their Annual Returns
. In this return you need to verify that all the information of the company is still the same, or alternatively inform them of any changes.
The information will be the following:
- The company name
- The description of the company
- The address of the company
- The directors of the company and the addresses
- Telephone number
- Website address
- The latest year's turnover of the company
When submitting the form you will be asked the turnover of the company for the latest year completed.
The fees for the annual return will be based on this turnover.
Here is prescribed fees for turnover based on the Company act of 2008:
|Turnover ||Fees ||Late penalty fee|
|Less than R 1 million ||R 100 ||R 150|
|R 1 million to R 10 million ||R 450 ||R 600|
|R 10 million to R 25 million ||R 2,000 ||R 2,500|
|Above R 25 million ||R 3,000 ||R 4,000|
It is of utmost importance to file these Annual Returns
. Failure to do this will put the company status in deregistration process. This can have various and serious repercussions for the business.
The bank accounts can be frozen. Assets will not be able to be sold once the company has been deregistered. To restore a company or Closed Corporation can take several months. (Potentially 5-8 months).
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We are currently members of the Institute of Accounting & Commerce & South African Institute of Tax Practitioners.
(The principle director JN Basson are registered with the Institute of Accounting and Commerce with practice number AO652993.)
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