Tag: Companies and Intellectual Property Commission (CIPC)
Beneficial ownership disclosure deadline looms for businesses
The Companies and Intellectual Property Commission (CIPC) has introduced new obligations for reporting beneficial ownership information. The deadlines are tied to each company’s date of inception. Businesses must declare their beneficial owners within 30 days of their anniversary date, similar to annual return filings.
Digital nomads – visa, tax and employment implications
An increasing number of jurisdictions are embracing digital nomads as a potential source of economic good, lightly taxed but who contribute to the fiscus through their daily and considerable spending habits. South Africa is no exception, following some recent exciting developments within the immigration policy space.
SARS and CIPC compliance crusade aimed at getting South Africa off...
On 27 June 2024, the South African Revenue Service (SARS) announced its enhanced Beneficial Ownership disclosures for the 2024 Filing Season. Not even 24 hours later, the Companies and Intellectual Property Commission (CIPC) issued a media release enforcing beneficial ownership (OB) declaration, to be able to file annual returns. This may simply be a compliance coincidence, but more likely a strategic move to eradicate non-compliance for companies, trusts, and partnerships, on all levels.
Enhancing compliance – Ultimate Beneficial Owner (UBO) steps up in the...
Companies can leverage identity platforms to create internal Ultimate Beneficial Owner (UBO) databases. What are the risks of unintentionally transacting with a shady shell company or funds gained from criminal activities? In South Africa, it's substantial.
Navigating FICA compliance for the retail industry
The South African retail industry operates in a complex and challenging environment. Economic uncertainty, rising costs, and unpredictable consumer demands have created conditions in which retailers must constantly adapt to survive.
Directors’ role as the cornerstone of the governance ecosystem
The governance ecosystem is touted to give accountability, transparency, fairness and responsibility as the pillars on which corporate governance is built to all stakeholders and sanction or root out perverse conduct in an appropriate and balanced manner. This should keep the equilibrium of all stakeholders’ rights and obligations in check.
Safeguarding your company – impact of CIPC information breach
Reparative measures may have been taken to remedy the Companies and Intellectual Property Commission hack which reportedly took place on 29 February 2024 however this information breach may have long-lasting and detrimental effects!
Getting the right type of business funding
Accessing the right funding and financing, at the right time, can mean the difference between starting up, staying open, or shutting down. The economy is facing a challenging business environment, with slow global growth, economic volatility, and ongoing power supply issues. This means that many businesses in South Africa are still trying to find their financial footing
SARS open to engage with remote workers & tax advisors
The draft tax law amendment published in August and targeting foreign employers has inadvertently led to an uproar amongst South African remote workers who fear the law change may disincentivise foreign employers from retaining the services of South African talent.
Draft Tax Law Amendments – what you need to know
On 31 July 2023, National Treasury released their annual draft tax law amendments, for public comment. Although still at the draft stage, there are some pertinent proposed changes for which the supporting systems have already been implemented i.e., the “Beneficial Ownership Registers”.