Plan B Statutory Compliance Services

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Posted By Plan B Statutory Compliance Services on 06/23/2018

All companies and close corporations (CC’s) are required by law to lodge their annual returns electronically with CIPC

All companies and close corporations (CC’s) are required by law to lodge their annual returns electronically with CIPC
All companies (including external companies and non-profit companies) and close corporations (CC’s) are required by law to lodge their annual returns electronically with CIPC within a certain period of time each year in terms of the requirements of the Companies Act, no 71 of 2008 (The Act). CIPC uses this information to ensure that it is in possession of the latest information of the company or CC and to determine whether the company or CC is conducting business activities.
An annual return is a statutory return in terms of the Companies and Close Corporations Acts and therefore MUST be complied with.  Failure to do so will result in the CIPC assuming that the company and/or close corporation is no longer in business and that they intend not to trade in the future.
Non-compliance with annual returns will lead to deregistration. There are far-reaching consequences in that, bank accounts may be frozen, import or export licences revoked and any agreements nullified (cancelled) etc.
Companies have 30 business days from the date that the entity become due (i.e. date of registration and not financial year end) to file annual returns before it is in non-compliance with the Companies Act.
Certain categories of companies or CC’s may need to file their annual returns together with annual financial statements based on their revenue and/or Public Interest Score (PIS). Regulations 26(2) sets out the method of calculating a company’s PIS.
  • A number of points equal to the average number of employees of the company during the financial year (which may include casual workers as set out in the Labour Relations Act).
  • One point for ever R1 million (or portion thereof) in third party liabilities of the company, at the financial year end;
  • One point for every R1 million (or portion thereof) in turnover during the financial year end; and
  • One point for every natural person who, at the end of the financial year, is known by the company:
    1. In case of a profit company, directly or indirectly have a beneficial interest in any of the company issued share securities; or
    2. In the case of a non-profit companies, to be a member of the company, or a member of an association that is a member of the company.
Should you require any assistance in filing your annual return, do not hesitate to contact our offices.
Kind regards
Chantelle Barker
071 680 3088
info@planbstatservices.co.za
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