When we chat with business owners about their CIPC annual return, we too often get blank stares with a small side of fear. “Oh no, not another compliance issue we need to take care of” is the reply.
Ok, so let’s put things right here and help lay your fear to rest, a bit.
Yes, every registered business needs to submit an annual return to CIPC. It is not a very tedious task and only takes a few minutes of online work. But it can only be done through a person or business that has a registered account with CIPC. EM Solutions has such an account.
So, what needs to be done? On or as close to the annual anniversary of the registration of your business a submission needs to be made on the CIPC system detailing your last annual turnover, business email address and telephone number and description of the business.
Payment is scaled according to the turnover and ranges from R100 for turnover less than R1 million to R3000 for a turnover of more than R25 million. There are also late payment fees applicable to anything older than 3 months.
This equates to not a huge amount of money, but by not submitting your annual return could result in your business being listed as deregistered by CIPC. Once this happens, your bank will be notified and soon all your contracts, lease and creditors will become aware of this and you will become personally liable for any outstanding overdraft, accounts payable and surety that has been signed for.
Gulp! So please check when last you submitted your annual return or contact us to check for you directly on CIPC and we will advise you accordingly.
Compliance is just one of those things you need to do to run a sustainable business.
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