Introduction
The regulatory agencies in South Africa have very strict regulations and criteria for compliance for businesses operating inside their area, so compliance is not an easy undertaking. This applies to both internal and international businesses. Two main organisations handle compliance: the South Africa Revenue Services (SARS) and the Companies and Intellectual Property Commission (CIPC). This article examines a few regulations that South African businesses must comply with.
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Understanding Mandatory Compliance Checklist in South Africa
All businesses, regardless of size, type, or state—private, public, incorporated, trading, or not must finish the CIPC’s new compliance checklist before submitting their annual report as of January 1, 2020.
An administrative charge for keeping the company’s CIPC registration current is the annual return. The annual turnover of the company is used to compute the charge. Remember that there will be a penalty cost for late annual return filings, and neglect to file annual returns can result in the deregistration of a firm.
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Checklist for Compliance (Effective January 1, 2020):
A company’s yearly return can only be filed once the compliance checklist is finished. “All” the checklist queries should be answered. “No” denotes a situation in which your business should have complied but chose not to.” N/A” denotes a situation in which your business did not need to comply.” Yes” indicates a situation in which your business was required to comply and did so.
- Did the business follow section 4 (the solvency and liquidity test) during the year before this one?
- Was the business in compliance with the Memorandum of Incorporation’s section 15, the company’s bylaws and the shareholders’ agreement throughout the preceding year?
- Was section 26 (Access to corporate records) adhered to by the business in the preceding year?
- Did the company adhere to section 27 (Financial year of a company) during the preceding calendar year?
- Did the business follow section 28 (Accounting records) in the preceding calendar year?
- Did the organisation comply with section 29 (Financial statements) during the preceding calendar year?
- Did the business follow section 30 (Annual Financial Statements) in the preceding year’s calendar?
- Did the corporation adhere to section 66 (Board, directors, and prescribed officers) during the preceding calendar year?
- During the preceding calendar year, did the company adhere to section 69 (Ineligibility and disqualification of persons to be director or prescribed officer)?
- Did the company comply with section 70 (Vacancies on board) during the preceding calendar year?
- Did the company comply with section 71 (Removal of Directors) during the preceding calendar year?
- During the preceding calendar year, did the business adhere to section 86 (Mandatory appointment of company secretary)?
- Was section 90 (Appointment of Auditor) adhered to by the company in the preceding year?
- Did the business follow section 92 (Auditor Rotation) in the preceding fiscal year?
- Did the corporation follow section 94 (Audit committee) in the preceding fiscal year?
- During the preceding calendar year, did the business adhere to regulation 21 (registered office of the company)?
- Did the business follow rule 43 (the Social and Ethics Committee) in the preceding year?
- Did the business follow Schedule 1 (Requirements regarding Non-Profit Companies) during the previous calendar year?
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How can DataTracks help?
CIPC has assessed and approved DataTracks as an iXBRL Software Service Provider (SSP), solidifying our expertise in iXBRL tagging and reporting. With over 18 years of experience in the XBRL and iXBRL sector, we have successfully submitted over 348,000 compliance reports globally. Our commitment to excellence is further demonstrated by our ISO 9001:2015 quality certification from TÜV of Germany and our XBRL Data Quality certification from XBRL US. This ensures our clients receive top-tier iXBRL tagging and reporting services that meet stringent international standards.
Call us at +27 10 446 9061 and email enquiry@datatracks.co.za for any enquiries.
