Accounting Weekly

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CIPC News Summary May 2024

Eszter Rapanos

  1. Payment Reference for Direct Deposits (Customer Notice 38 of 2024)

To ensure the proper allocation of funds, all direct deposits and Electronic Funds Transfers (EFT) must use the correct customer code as a reference when transacting with the Companies and Intellectual Property Commission (CIPC)’s ABSA bank account.

Incorrect references may result in unallocated deposits, causing delays and administrative issues. Most banks have fields for "My reference” and "Beneficiary reference" when making direct deposits/EFT. The correct reference (i.e., the customer code) must be entered in the Beneficiary reference field. The “My reference” field is for your own records.

2. Environmentally Friendly Solution for Confiscated Counterfeit Goods (Media Release, 16 May 2024)

CIPC introduces an environmentally sustainable method for managing confiscated counterfeit goods. This new program involves the recycling and upcycling of seized items into new products, such as children's toys and therapy tools, while creating employment opportunities for small and medium enterprises. This initiative supports local economies and reduces environmental impact.

3. Appointment and Resignation of Auditors - Notice to Customers on E-services CoR44 (Notice 58 of 2021)

Reminder to all customers about the process for the online appointment and resignation of auditors. As mandated in Section 85(3), only current directors and/or company secretaries can make these changes electronically, ensuring compliance and proper governance within your company structures.

4. Foreigner Assurance Service (Customer Notice 37 of 2024)

The Foreigner Assurance Service introduced by CIPC is designed to ensure accurate and secure documentation and identification of foreign nationals involved in company activities within South Africa. Customers must ensure that all details are correct and reflect the documents provided to avoid complications in verification processes.

Follow this process and essential tips for using this service effectively:

1.       Accurate Information Capture:

  • Country of Issue: Ensure that the country selected from the drop-down menu during application corresponds to the country that issued the passport or foreign identity document, not the nationality of the individual.

  • Document Attachment: A single document (passport or foreign identity document) can be attached for each application. Ensure it is the correct and valid document.

2.       Correct Naming and Document Details:

  • Name Accuracy: Full legal names and surnames as they appear on the passport or identity document must be provided. Do not use maiden names or previously changed names unless officially documented.

  • Expiration Dates: When using a passport, include the expiration date in your submission. This is mandatory and missing this detail can lead to application rejection.

3.       Documentation Standards:

  • Certification Requirements: All documents must be certified or notarized, clearly stating that they are true copies of the original. Certifications must comply with the CIPC’s stipulations, not being older than three months, and must include identifiable details of the certifying officer.

  • Translations: If the certification, notarization, or apostille is in a language other than English, an English translation must be provided.

4.       Application Submission Tips:

  • Avoid Multiple Submissions: Do not submit multiple applications by altering the captured information. Errors should be addressed through a correction request sent to the specified email, rather than resubmitting the application.

  • Identification Numbers: When entering identification numbers, ensure accuracy, such as using zeros instead of the letter 'O', and distinguish between '1', 'I', and 'L'.

5.       Service Integration and Escalation:

  • Integration Challenges: The service integrates with other CIPC systems, and consequently some inconsistencies might occur. CIPC is working on guidelines to recognise acceptable documents from various countries better.

  • Escalation Process: If issues are not resolved within the standard processing time, the provided escalation procedure should be followed, starting with an email to the designated contact and progressing to higher tiers if necessary.

Escalation Procedure: