Over 60,000 companies face de-registration

The owed funds include a P300 annual subscription fee for the 60, 000 companies and a P900 penalty charged each year on every company that fails to submit annual returns. According to CIPA Awareness and Communications Manager, Marietta Magashula they have decided to take action against companies that have been failing to comply for the past five years by giving them up until April 6 this year to submit their returns, fees and penalties.

“Just over 60, 000 companies are on the list for possible de-registration. The Companies Act, which prescribes that all registered companies, should submit annual returns to CIPA with a fee of P300 after holding an AGM every year. Some companies have not been adhering to this, hence the reason we opted to remove them if they fail to meet the deadline,” she added.