Annual Compliance
At RANDCO, we understand the importance of compliance
In the dynamic landscape of South African Corporate Governance, maintaining annual compliance is critical. Failure to do so can lead to significant consequences for both directors and the company itself. At Rand Corporate Consultants, we specialize in ensuring that your company, adheres to the annual essential requirements outlined in the Companies Act, offering comprehensive services and peace of mind in terms of your corporate standing.
Navigating the intricate terrain of annual compliance is essential for your company’s sustainability and reputation. At RANDCO, we stand as your dedicated partner, guiding you through the process with expertise, precision, and a commitment to your success. Should you have any questions or need further information, get in touch. Our team of experts are poised to assist you with your compliance journey!
Compliance Runs The Company
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Annual Returns with CIPC
All companies and close corporations are obligated by law to file annual returns with the Companies and Intellectual Property Commission (CIPC) on a yearly basis. Compliance with this statutory requirement is non-negotiable. Our expert team guides you through the process, providing insights on documentation, submission, and CIPC fees.
Public and Private Companies UBO Obligation
Amendments to the South African Companies Act 71 of 2008, require companies to disclose their Ultimate Beneficial Ownership (UBO) on an annual basis and within ten days of a change of ownership. These provisions are in line with the general law of Anti-Money Laundering and Combating Terrorism Financing amendment 22 of 2022. These amendments were deemed necessary following the South African Grey Listing with FAFT, the International Financial Action Task Force.
The Financial Intelligence Centre (FIC) defines “beneficial owner’ as the natural person who, independently or together with another person, owns the legal entity or exercises effective control of the legal entity.
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CIPC Complance Checklist
Annual CIPC Compliance Checklist Review
The CIPC (Companies and Intellectual Property Commission) has made the compliance checklist a mandatory part of the annual return process since January 1, 2020. This initiative aims to enhance South Africa’s sovereign rating and attract investors by ensuring companies comply with the law. The checklist is designed to educate and raise awareness among directors about their duties. Completing this checklist is compulsory.
The checklist includes 24 questions regarding compliance with specific sections of the Companies Act. Each question requires an understanding of the relevant sections, making it advisable to seek professional guidance. At RANDCO, we help clients navigate the questionnaire by breaking down the sections and asking relevant questions, ensuring accurate and comprehensive compliance.
Use this opportunity to deepen your understanding of your company’s responsibilities and ensure greater compliance with the Companies Act.
Directors’ Interest in Contracts Returns
We provide an invaluable service to companies in maintaining up-to-date records of annual or semi-annual disclosures related to personal financial interests of board members and prescribed officers, including those of related parties. This meticulous record-keeping ensures transparency and compliance, even in cases where potential conflicts of interest may arise.
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Annual General Meeting/ Directors’ Meetings
Annual Financial Statements are a cornerstone of corporate governance. We help your company prepare these statements, gaining approval from the board of directors and adoption by shareholders at the Annual General Meeting (AGM). Additionally, we assist in addressing other critical matters requiring decisions by shareholders and directors on an annual basis. With the evolving landscape of meeting technology, we explore opportunities for innovative AGM formats.
Annual Review of Company Registers
RANDCO ensures the accuracy and currency of your company registers, making them readily available to shareholders, auditors, or other stakeholders in full compliance with legal requirements. We also offer a comprehensive review of your company records, including a debrief meeting with the directors. Following this, we provide a detailed report and an action plan to address any identified weaknesses or non-compliance. Our goal is to not only assist with compliance but also to enhance your understanding of the director’s responsibilities thus promoting greater compliance in the future.