Beyond tax return submissions, companies are required to file CIPC returns on an annual basis. We deal with these matters on behalf of clients and also handle registrations, submissions, entity changes and maintain permanent statutory information for our clients on an ongoing basis.
Secretarial Services | Corporate Secretarial Services
To learn more about our business secretarial services, contact the West-Evans team today.
Company registrations, information updates, and annual returns – seamlessly handled by our team
Every sizable business must be registered with CIPC in order to trade legally. The company registration process can be lengthy and complicated, and for many business owners and entrepreneurs the steps involved in selecting a company name and registering an entity can seem daunting.
West-Evans assists business owners by facilitating company registrations with CIPC. In addition, we also offer the following corporate secretarial services to ensure full compliance:
- Filing of annual returns
Filing annual returns is a mandatory legal requirement for all companies in South Africa, ensuring they remain in good standing with the Companies and Intellectual Property Commission (CIPC). This process not only helps maintain corporate legitimacy but also enhances transparency, aiding in financial credibility and business reputation management. - Company name changes
Changing a company name is a significant step in rebranding or restructuring, reflecting the evolving nature or new direction of the business. It ensures the company’s identity aligns with its strategic goals, enhancing its market presence and relevance. - Maintenance of corporate records
Maintaining up-to-date corporate records is crucial for regulatory compliance and smooth operational governance. This practice supports strategic decision-making by providing accurate and accessible business information, essential for audits and potential investor reviews. - Changes in directorship
Updating directorship information is vital for legal compliance and maintaining trust among stakeholders. It reflects current management structures and ensures that all statutory obligations are met, facilitating transparent and effective governance.
- Liaising with CIPC to facilitate any information exchange requested of our clients
Liaising with the CIPC facilitates essential information exchanges, ensuring that all company details are up-to-date and compliant with legal requirements. This service helps prevent legal complications and streamlines the administrative processes, supporting business continuity and regulatory compliance. - Beneficial ownership
Maintaining accurate records of beneficial ownership is crucial for compliance with anti-money laundering regulations and ensuring transparency in corporate ownership structures. This service helps prevent financial fraud and fosters trust with regulators, investors, and other stakeholders, safeguarding the company’s reputation and operational integrity.
Learn more about beneficial ownership and how it affects your business read our Q & A now.
Save time as our team handles your CIPC correspondence
Keeping up to date with CIPC reporting requirements can be time consuming, and as a successful business owner time is the most precious commodity you have.
- Eliminate the wasted time and logistical inconvenience involved in maintaining CIPC compliance for your companies by letting the West-Evans team handle this important function.
- Entrepreneurs managing multiple businesses or investors who require new companies for special projects are especially well-suited to this service.
- West-Evans provides quick company registration, tax compliance, and statutory documentation that will have your new business up and running with no time wasted.
Introduction to Beneficial Ownership
In February 2023, South Africa was placed on the International Financial Task Force (FATF) “Grey List” due to deficiencies in the country’s regulatory and compliance framework which aided money laundering and terrorist activities.
In response the CIPC initiated an action plan to ensure that law authorities and regulatory bodies could obtain relevant information which identified the individuals who ultimately owned the entities which were engaged in various nefarious activities.
In terms of the CIPC action plan, and as the authorised regulator in terms of the Companies Act, General Laws Amendment Act (Anti-Money Laundering and Combatting Terrorism Financing), and Companies Amendments Regulations, all entities (including non-profit companies and Close Corporations are now required to maintain a register of persons who hold beneficial interest of 5% and more of the securities issued by the Companies.
Beneficial Ownership Q & A
What is a Beneficial Owner?
A beneficial owner means the individual or individuals who, directly or indirectly, ultimately own or exercise effective control of an entity. In a nutshell this means that the ownership must be traced to the “warm bodies” who ultimately enjoy the benefits of the entity.
To whom are the Beneficial Owners Reported?
South African Revenue Services (Companies and Close Corporations)
CIPC (Companies and Close Corporations)
The Master of the High Court (Trusts)
When must the Beneficial Owner Register be submitted?
For CIPC 10 days after an entity is formed, or when any changes to the beneficial ownership takes place. E.g. changes in shareholding, changes to directors etc.
Annually on the anniversary of the entity’s incorporation along with the Annual Duty Return.
All entities must have submitted the initial BO register by 24 May 2024. From 1 April 2024 companies will not be able to submit their Annual Duty returns unless the Beneficial Ownership has been submitted.
South African Revenue Services – on submission of a Company or Close Corporation Annual Income Tax Return.
Master of High Court – Whenever changes to Founders, Trustees or Beneficiaries take place.
What are the consequences of non-compliance?
Non submission constitutes an offence in terms of the Companies Act.
Annual Duty Returns cannot be submitted to CIPC, leading to possible deregistration.
Tax Returns cannot be submitted, and this could lead to non-compliance for tax clearances and even administrative penalties.
Who can submit the Beneficial Ownership information?
Our team has been trained to obtain the required information and make the submission on your behalf. Give us a call to discuss any questions you may have.
No matter what your company registration question is, we have the answer.
To learn more about our business secretarial services and how we can assist your company with all aspects of CIPC compliance and secretarial advisory services, contact the West-Evans team today.