Annual Returns For Close Corporations
Annual Returns to the Registrar of Close Corporations is being introduced from 1 May 2008. Each close corporation is compelled in terms of the Act to lodge an Annual Return once every year in terms of Sections 15A and 16A of the Close Corporations Act.
The Registrar needs to determine whether a registered organisation is still in business and confirm the latest information of the close corporation.
An Annual Return needs to be lodged within the anniversary month of its official incorporation up to the end of the month following its anniversary month.
Should a close corporation fail to lodge and pay for its Annual Returns for a period more than six months, the Registrar may conclude that the close corporation is no longer conducting business and may refer it to be deregistered.
The Annual Return must be lodged on payment of the prescribed fee in electronic format. The prescribed fees relating to Annual Returns for close corporations are detailed below:
Turnover of less than R50m – R100.00
Turnover R50m and more – R4,000.00
Penalty fee for each late lodgement – R150.00
If the information that must be lodged with the Annual Return is not the same as the information on CIPRO’s database, the relevant CK2 and/ or CK2A form must be lodged before the annual return is due.
Prior to the due date, you will be notified of the Annual Returns due and we will request permission to lodge the returns on your behalf. The prescribed fees would then need to be paid into our bank account, so that we may pay the fees on your behalf when lodging the Annual Return with CIPRO.
Please note that our fee for obtaining the information required, arranging payment to CIPRO and submitting each Annual Return is R500 excl VAT. This fee has been incorporated into our annual administration charge. Therefore, there will be no additional charge if the close corporation’s 2008 annual administration fee has been paid.
Should you have any queries regarding the above, please do not hesitate to contact Karen Jackson at our offices.
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Should you require any further information, please do not hesitate to contact us.