Annual Returns submission
Why file your Annual Returns?
Please note that it is an ongoing requirement to File Annual return with CIPC.
Asking yourself why? Well, the answer is failing to file Annual return, CIPC has the power, which it exercises regularly, to deregister an entity.
The consequences can be more serious as we think as commercial banks are placing corporate accounts of deregistered entities into a frozen state and the property of the entity then passes onto the state in terms on Bona Vacantia.
Due to this, it is important that you check and make sure that all your outstanding CIPC Annual Returns have been lodged to avoid deregistration of your entity.
What is exactly Annual Return? Let us have a look at the definition:
An annual return is a summary of the most relevant information pertaining to a company and close corporation. By lodging, Annual Returns Companies and Close Corporations ensure that the CIPC is in possession of the last information. It also confirms that the company and Close Corporation is still in business or will be continuing doing business in the future.
All companies and close corporations are required by law to lodge their annual returns with CIPC (previously also called CIPRO) within a certain period of time every year. An annual return is a statutory return in terms of the Companies and Close Corporations Acts and therefore MUST be complied with.
Failure to do so will result in the Commission assuming that the company and/or close corporation is not active in a business or is not intending on doing business in the near future. Non-compliance with annual returns may lead to deregistration, which has the effect that the juristic personality is withdrawn and the company or close corporation ceases to exist
Contact us today for further assistance to file your Annual Returns.
