A company or close corporation may decide to shut down for a variety of legitimate reasons. Under South African law, the closure includes formal deregistration with CIPC, bringing an end to the legal persona of the business. But, did you know that failure to comply with CIPC filing requirements could jeopardise the continued registration status of your business ultimately resulting in deregistration with CIPC?
It happens so easily because as a new business owner, you are easily swept up in the excitement of your new venture, but do not file annual returns either because you forget to or because you are unaware of these requirements.
What are the consequences of deregistration due to non-compliance?
The good news is that it can be, provided:
If your intention is to remain in business for the foreseeable future, honouring your CIPC filing responsibilities is certainly more cost- and time efficient than dealing with the downside of an automatic deregistration.
The MMS Group has a team of experts in matters of a Company Secretarial nature, capable of assisting and advising you on CIPC filing requirements and applicable registration. Reach out to our team on email to firstname.lastname@example.org should you require any assistance with your CIPC compliance concerns.