Company Secretarial NEWS | ENTITY Compliance & ESTATES.
What is an Independent Review?
A company is allocated points according to the number of its employees, its annual turnover, its stakeholders and the level of third party liabilities at the end of the financial year. The Public Interest Score (PIS) is calculated as follows: 1 point for each employee...
The Companies Act Solvency and Liquidity Test
A company would satisfy the solvency and liquidity test if, considering all reasonably foreseeable financial circumstances of the company at that time: the fair value of the assets of the company equal or exceed the fair value of its liabilities; and it appears that...
SAICA Guide on the Retention of Records
SAICA have released an updated Guide on the Retention of Records.
Companies Act and Annual Financial Statement requirements
CIPC Annual Financial Statements All companies must prepare annual financial statements (“AFS”). Public and State Owned companies (SOC) must have audited AFS while a Private, Personal liability and Non-Profit company is not required to have its AFS audited unless: in...
Individuals are also required to submit a PAIA Manual in certain instances
All private bodies have to comply with The Promotion to Access of Information Act (PAIA) by the deadline date being 31 December 2015. The definition of “PRIVATE BODY” is as follows: a natural person who carries or has carried on any trade, business or profession, but...
Do I need to register for Workmen’s Compensation?
All employers who employ one or more workers in connection with their business or farming activities are required to register with the Compensation Fund. WHO IS AN EMPLOYER? All persons who employ one or more employees, in connection with their business or farming...
Promotion of Access to Information Act (PAIA) Manuals MUST be submitted by December!
The Promotion of Access to Information Act (PAIA) requires that all public and private bodies compile a Section 51 Manual, a signed copy of which must be submitted to the South African Human Rights Commission (SAHRC) by 31 December 2015. Failure to comply with the...
Why Should I Keep My Share Register?
I’ve recently had several people tell me that they struggle to get their clients to bother keeping their company secretarial records. So what can you say to get your clients to change their mind? How about telling them they could face a fine of up to a million rand,...
Application of Section 22, Companies Act 71 of 2008 on Close Corporations
The CIPC have issued a guidance note on the application of Section 22, Companies Act 71 of 2008 on Close Corporations.