The Companies and Intellectual Property Commission is set to deregister over 500 000 companies and close corporations for failing to file Annual Returns and Beneficial Ownership declarations.In a statement, the business regulator says this follows a notice issued in September, warning of the consequences of non-compliance. It says it will refer the remaining non-compliant companies and close corporations for Annual Return Deregistration and, eventually, for final deregistration.
The CIPC adds that the referral for deregistration will be within the first week of next month, and final deregistration for companies or corporations that remain non-compliant will take place at the end of February or early March next year.“It’s a legislative requirement. What the law says is that you need to keep your company or your close corporation compliant by lodging what is called an annual return.