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10 things to consider about registering your company & paying tax

South Africa is alive and buzzing with entrepreneurs, possibly because the country’s high unemployment rate is spurring individuals on to start their own businesses. But going into business blindly can be daunting. Not knowing the necessary procedures and rules of engagement can get problematic and, even more importantly, cost a bit more than a few …

Different Types of companies: Registered Pty Ltd. Company

Since 1 May 2011, the Companies and Intellectual Property Registration Office (CIPRO) ceased to exist and was replaced by the Companies and Intellectual Property Commission (CIPC). The New Companies Act came into being at the same time, changing the way business owners register a company. The Act stipulates that no new close corporations (CC) can …

Different types of companies: The Sole Proprietor

Most small businesses are sole proprietorships because this type of business is the easiest and least expensive way to start a business. But what is a sole proprietor? Should you start a sole proprietor business? Are You a Sole Proprietor? If you haven’t selected a specific business form and registered it with your state, you …

CIPC FAQ: Accounting Officer

Duties of accounting officers   62.(1) The accounting officer of a corporation shall, not later than three months after completion of the annual financial statements-   (a) subject to the provisions of section 58 (2) (d), determine whether the annual financial statements are in agreement with the accounting records of the corporation;   [Para. (a) substituted by s. 13 (1) (a) of …

CIPC FAQ: Deregistration

Will CIPC provide notification of the pending deregistration? Yes. During the deregistration process notifications are mailed to the company or close corporation’s registered postal address as per CIPC records, informing it of the intended deregistration and a request to either provide confirmation that it is still active or to file outstanding annual returns.  At the time …

CIPC FAQ: Annual Returns

What is annual returns? All companies (including external companies) and close corporations are required by law to file their annual returns with the CIPC on an annual basis, within a prescribed time period. The purpose for the filing of such annual returns is to confirm whether a company or close corporation is still in business/trading, …

CIPC Urgent Notice: Annual returns to be submitted with financial statements!

Did you know that by filing your Annual Return (AR) only, you are not yet compliant to the reporting requirements of the Companies Act. You also need to file either Financial Accountability Supplements (FASs) or Annual Financial Statements (AFS) together with ARs. As from the 1 October 2018 new system functionality called “AR Hard-Stop”, will …

SARS Pact With Taxpayers

Tax Season is well under way and if you haven’t seen it yet, we thought we would share the highlights from the long awaited Service Charter finally released by SARS. The Service Charter is the pact SARS makes with you, the taxpayer, in terms of the timeframes they promise to finish verifications, audits and most …

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