Gauteng Business News

Send  Share  RSS  Twitter  15 Sep 2008

Finance: Annual Returns for Close Corporations to act as special registration


Recent Gauteng Business News

Gauteng, As from the beginning of this month all Close Corporations (CC) will need to participate in a registration process involving the submission of Annual Returns. This announcement was recently made by Mr Keith W. Sendwe, CEO of the Companies and Intellectual Property Registration Office (CIPRO), a member of the dti group.

According to Sendwe the process is aimed at providing CIPRO with the correct information on its database about CCs that are still in operation, so that these CCs can be timeously informed about legal and other issues that may affect them.

“It is vital to provide CCs with as much support as possible, helping them to remain within the boundaries of the law while achieving the financial success they need in order to survive amidst fierce competition and fluctuating market conditions. The registration of CCs is just one more way in which CIPRO will be able to lend much needed support,” he said.

As part of the registration process, all CCs have to lodge their Annual Returns within the anniversary month of their incorporation up until the end of the month thereafter. They must do so electronically.

For example, if a CC was incorporated in May 2007, the anniversary month will be May. The CC’s Annual Return will then have to be lodged between 1 May and 30 June in Gauteng every following year that it is in existence. Failing to do so within this two-month period will result in incurring a penalty fee of R150. Failing to lodge an Annual Return within six months will result in the CC being deregistered.

For a CC with an annual turnover of less than R50 million the lodging of an Annual Return will cost R100. CCs with an annual turnover of more than R50 million will need to pay R4 000 when lodging their Annual Returns.

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