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New CIPC Compliance Checklist Mandatory for Companies from 1 January 2020

On the 13th August 2019, the Companies and Intellectual Property Commissioner (“CIPC”) issued Notice 52 of 2019 announcing the introduction of a new requirement for companies to declare its compliance status in the form of a Compliance Checklist.

The Compliance Checklist requires that companies confirm their compliance with specific sections of the Companies Act, No.71 of 2008, as amended, (“the Companies Act”). The CIPC indicated that as from 1 January 2020, all companies would be required to file their Compliance Checklist prior to the submission of their CIPC annual return.

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What Value Can A Company Secretary Offer Your Business?

With the rising operating costs for business, there are certain functions which should never be taken for granted. One important function is, the company secretary. This person has the responsibility for ensuring the business can maintain high levels of corporate governance. It's also important to make sure the business operates within its legal constraints. One [...]

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XBRL from 1 July 2018 — Will the filing of CIPC annual returns and annual financial statements in the new XBRL format affect my company?

Author: Chris Wilson (FCIS), Managing Director, Kilgetty Statutory Services Introduction The Companies and Intellectual Property Commission (“CIPC”) has introduced a new way of lodging the Annual Financial Statements (“AFS”) which must accompany the Annual Returns of a company. At present CIPC receives all Annual Financial Statements in PDF format and physically analyses them on a [...]

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Kilgetty Statutory Services — Your Board and Shareholder Meetings Service Provider

Board and shareholder meetings can be time-consuming. Preparing and chairing these meetings places significant pressure and demand on an organisation’s limited staff resources. If your board is tied up in red tape, why not cut through the red tape? Consider outsourcing your board and shareholder meetings by allowing Kilgetty Statutory Services to take care of the [...]

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King IV™ – A Synopsis of Principle 5: Pertaining to Reporting

Melanie TeBrugge — Senior Board Consultant, Kilgetty Statutory Services Principle 5 of King Report on Corporate Governance for South Africa™ prescribes that a governing board should ensure that reports issued by the organisation enable stakeholders to make informed assessments of the organisation’s performance, and its short, medium and long-term prospects. King IV™ clearly articulates the [...]

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KING IV™ – A Synopsis of Principle 4: Pertaining to Strategy, Performance and Reporting

Melanie TeBrugge — Senior Board Consultant, Kilgetty Statutory Services Principle 4 of the King IV Report on Corporate Governance for South Africa™ prescribes that the governing board should appreciate that an organisation’s core purpose, its risks and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process. King [...]

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Trust Basics — 9 key questions answered

Cerize Roets — Head of Legal Services, Kilgetty Statutory Services The administration of a trust is governed by the provisions of the Trust Property Control Act, 1988 (Act 57 of 1988). There are two types of trusts; inter vivos and testamentary trust. An inter-vivos trust is created between living persons and a testamentary trust derives from the [...]

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Why does one need a Group Governance Framework?

Given the recent scandals in large listed companies and state owned enterprises, it seems that the predominant quagmire in these group type organisations was the lack of an appropriate group governance framework being in place. With most organisations adopting the recommended practices of the King IV Report on Corporate Governance for South Africa, 2016™ (“King [...]

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What is a Social and Ethics Committee?

Does my Company require a Social and Ethics Committee? In today’s operating environment, a key emphasis has been placed on companies to consider their social, economic and environmental impact of their business activities on the societies in which they operate. As companies become larger, their accountability to society increases and there should be mechanisms in [...]

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3 Reasons Why Board Secretarial Services Are Important

A large contributing factor to a profitable company is through the employment of good people and services. A business function which has come under the spotlight in recent years is the company secretary and the level at which it has evolved. As the company secretary is responsible for assisting the board and the executive team [...]

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High Court ruling: CIPC may impose a 10% turnover-penalty on companies failing to promptly lodge their annual financial statements

The CIPC won a High Court order empowering them to impose a 10% of annual revenue penalty on companies that fail to prepare their annual financial statements within 6 months of year-end. Failure to submit annual financial statements to the CIPC contravenes Act, 71 of 2008. Continuous non-compliance may lead to a formal investigation by [...]

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In-depth details on CIPC 10% turnover-penalty for failure to lodge annual financial statements

The CIPC won a High Court order empowering them to impose a 10% penalty of annual revenue on companies that fail to prepare annual financial statements (within 6 months of year-end). Failure to submit annual financial statements to CIPC contravenes Act, 71 of 2008. Continuous non-compliance may lead to a formal investigation by the CIPC. [...]

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Kilgetty assists with conversion of company annual financial statements to XBRL format — Also submits annual return to CIPC

The CIPC deadline for the submission of annual financial statements is here! EFFECTIVE from the 1st July 2018, The Companies and Intellectual Property Commission's (CIPC) requirements for lodging Annual Financial Statements (AFS) took full effect. Kilgetty fully endorses this international standard of digital reporting and has therefore adopted a new service-offering to adapt to its changing [...]

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Investor relations – building credibility to achieve a fair market valuation

With the purpose of extending its portfolio of client-services, Kilgetty Statutory Services recently entered into an alliance with strategic communications advisor, Investorsense. Investorsense specialises in investor and media relations by assisting clients to optimally position themselves to best attract investors and funders. This promotes effective investor relations, which is of fundamental importance for the maximisation [...]

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