CIPC Webinar Summary on Business Registration and Compliance

The Companies and Intellectual Property Commission (CIPC) recently hosted a webinar to educate business owners and accountants on key aspects of business registration and compliance. Here are the key takeaways:

Why Register a Business?

Registering a business has several benefits, including:

• Limited Liability: Protects personal assets from business debts.

• Longevity: The business can continue even if an owner passes away.

• Access to Contracts and Tenders: Only registered businesses can apply for government tenders and contracts.

• Tax Benefits: Depending on turnover, tax rates for businesses may be lower than for individuals.

How to Register a Business Efficiently

CIPC offers several online platforms for quick and easy registration:

• BizPortal is a one-stop online platform where users can register a company, apply for a B-BBEE certificate, and even open a business bank account—all within 24 hours.

• CIPC eServices allows businesses to manage registrations and compliance requirements online.

Annual Returns: Don’t Miss the Deadline

All registered companies must submit Annual Returns (ARs) to CIPC each year. Failure to do so may result in deregistration. The fees depend on annual turnover, with penalties applied for late submissions.

Important: Before filing ARs, businesses must submit a Financial Accountability Supplement (FAS) or Annual Financial Statements (AFS) and complete the Beneficial Ownership requirements.

Name Reservations: What You Need to Know

• While optional, reserving a name before registering a company is advisable. Name Reservation can be done before applying for Company registration, or during the process on BizPortal for a fee of R50.

• If a name is not reserved and the chosen name is unavailable, the Company Registration Number will become the official name.

• A name change can be done later for free.

Free Training for Business Owners

CIPC offers the Learn-i-Biz Course, a free, short online training program designed to help company directors understand their responsibilities under the Companies Act. The course consist of a number of short videos and a few questions that must be answered after each video. The course should take roughly 2 to 2½ hours to complete, but you can do it in your own time as it does not need to be done in one sitting.

For more on the Learn-i-Biz Course read here.

Download the slides for the CIPC webinar here.

Stay compliant and keep your business running smoothly by following these CIPC guidelines!