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I have a non trading company - WHAT MUST I DO????

If you are one of the many South African's that have registered a PTY and never useded it. Here is what you need to know and do.


When you register a PTY / CC, you need to ensure that your returns are not only up to date with SARS but CIPC as well, if your company IS trading you will need to make sure that you keep propper and accurate accounting records, this is important as you will need to have a set of financial statements compiled in order to lodge your company tax return.


However if you have a dorman company (meaning that it has never traded) then rather look at de-registering it to save yourself the added headache of lodging returns and faceing penalties and interest with SARS and CIPC.


So how do I de-register?

This isnt a simple process unfortuantley and requires that you de-register with not only CIPC but SARS as well. Lets look at the requirements for each insitution individually.


CIPC:

De-registering with CIPC is your first step and in order to do so you will need to ensure/provide the follwoing:


* Orignal written request on a letter head *

  1. Certified ID copy of any of the persons signing the request

  2. Tax Number (if availible)

  3. Tax Clearance Certificate or any other written confirmation from SARS that reflects no tax liability is outstanding.

  4. Statement confirming that (i) the company or close corporation is not carrying on business or is dormant and (ii) has no assets, or because of the inadequacy of its assets, that there is no reasonable probability of the company being liquidated.

This must all be sent to deregistrations@cipc.co.za (10 working days to process the request and 4 months to complete the notification)


Once you have received the notice, you can then forward this onto SARS to de-register your income tax number, if you are registered for PAYE and VAT then seperate forms for de-registeration will need to be completed.


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