Earlier this year we published the Companies and Intellectual Property Commission (CIPC) Notice 52 of 2019 and subsequent media release which related to developments on the new requirement for all companies to submit a Compliance Checklist together with their Annual Return as of 1 January 2020.
However, there is good news for those companies whose financial statements are not audited or independently reviewed.
During March 2020 the CIPC published an update, Notice 9 of 2020, stating that it has enhanced the Compliance Checklist. The Notice states that it is now mandatory for the types of companies listed below to confirm if the company’s annual financial statements are audited or independently reviewed:
- Incorporated – Inc. (21)
- Proprietary Limited – (Pty) Ltd (07)
- Limited – Ltd (06)
- State Owned Company – SOC (30)
- Non Profit Company – NPC (08)
Companies not required to submit the Compliance Checklist
Those companies whose annual financial statements are not audited or independently reviewed will not be required to complete the Compliance Checklist. An email will be sent to all active directors and to the person who submitted this information confirming this.
Companies which are required to submit the Compliance Checklist
Those companies whose annual financial statements are audited or independently reviewed will be required to complete the Compliance Checklist. Upon submitting the Compliance Checklist, an email will be sent to all active directors and to the person who submitted the Compliance Checklist confirming the information sent on behalf of the Company. The Compliance Checklist must be submitted by a company to the CIPC within 30 business days after the anniversary of the company’s date of incorporation.
The Compliance Checklist now also contains a comment box for each question, should companies wish to explain their answers submitted to the CIPC.