All companies, large and small – from one-man businesses to corporations – must adhere to a core set of legal requirements. These requirements ensure that all companies in South Africa are in compliance with legislation and compliant with government rules on company ‘incorporation, registration, organization and management’.
Company legal compliance with legislation involves a number of submissions every company must make to the company compliance body in South Africa – the Companies and Intellectual Property Commission (CIPC)
South African Company legal compliance:
To maintain legal compliance, companies must:- File their annual Tax Returns.
- Notify the Commission of any company directorship. This must be done within 10 business days of the change or appointment.
- Register any change of company address. One address must be maintained at all times. This address must be that of the Head Office, if the company has more than one office.
- Register an application for a company registered name change. Because a change in company name constitutes a change to the company’s ‘Memorandum of Incorporation’, the name change can only legally official, after an ‘amended registration certificate’ is issued by the Commission.
- Notify and submit any change in Financial Year End to the Commission. This can only be done once. It also has to be done within 15 months of the end of the financial year in question.
- Keep all documents and records relating to their registration, operations and financials, for a 7-year period. This is to ensure that all the documents and information needed for independent audit, or an investigation into the company’s legal compliance, is available to the Commission.
Company Legal Compliance – updated by the Companies Act 71 2008:
These company legal CIPC compliance requirements have been updated and amended in the Companies Act 71 of 2008. The amendments in the Act ensure that Commission is current. This in turn ensure that the Commission can carry out its duties – duties that can involve company dissolution and conflict resolutions as well as the administration of business compliance.
Business compliance through ensure that your company maintains legal compliance will ensure that you and your company are on sure footing in all legal matters – routine and in the event of any legal disputes or filings.
You might also be interested in
What is meant by Cloud Accounting Services?
While accounting will always involve the same mathematical principles and goals, how we do the math, why and when for the math, and for whom we do the math, changes. Accounting needs to keep up with the rapid evolution of technology, how we make and use money and the...
What is meant by Accountants Assurance Services?
Some Key Financial Assurance Services for all size and types of companies and organisations – but first:What is Assurance - and what does assurance mean in the context of ‘Financial Assurance Services’?Assurance is defined, in various ways, as a declaration of...
What are Client Financial Management Services?
Client Financial Management spans the nitty-gritties of day-to-day cash management (cash-flow management), through to accurate financial statements – for transparency and business health and growth.The main areas accounting firms and financial managers deal with when...
With over 23 years of unwavering expertise, I am a seasoned Chartered Accountant committed to financial excellence. My journey in the realm of finance has been marked by astute strategic insights, meticulous attention to detail, and an unyielding dedication to precision. Over the years, I've navigated the complexities of financial landscapes, providing invaluable counsel to diverse clients. My proficiency extends across auditing, taxation, and financial management, coupled with a profound understanding of regulatory frameworks. As a registered professional, I have consistently upheld the highest standards of integrity and ethics, earning a reputation as a trusted advisor in the dynamic world of finance.
