So, what exactly are CIPC Annual Duties?
CIPC stands for the Companies Intellectual Property Commission. Previously known as CIPRO.
This is the body that governs all registered entities in South Africa i.e. closed corporations, public companies, private companies, external companies and incorporated companies in terms of the Companies Act.
The Companies Act states that an annual return is due to be filed on the anniversary date of the entity’s registration date every year. So, every company’s annual duties date is different.
If you don’t submit your annual duties, the commissioner will think that the entity is not trading any longer or won’t be trading in the near future and deregister the entity. This means the juristic personality no longer exists and the company doesn’t exist anymore.
Why this is a problem?
- Your company can no longer trade
- Your status will be updated at SARS and you will find problems with SARS submissions
- All financial institutions are linked to CIPC and will be notified of your company’s status and no financial assistance will be granted to your company.
- Your will have difficulty with tenders and applying for credit with creditors
- And honestly, your company just looks bad
- File your annual duties within 30 days after the registration date on your CIPC documents. Make sure you do this every year. It is an annual filing obligation.
- Annual duties can only be filed electronically and you can’t go to the CIPC offices.
If you need assistance filing your annual duties, please don’t hesitate to contact us.