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The classifications NPC, PBO, NGO and NPO as well as EI all refer to entities that are not intended to make profits for their shareholders, but the acronyms certainly cause a lot of confusion. Here’s what they mean and how they relate to each other. The term Non Profit Company (NPC) came with the new Companies Act of 2018. It replaced what were know as s21 companies, which were formed under section 21 of the old Act. It is a company registered with CIPC and its essential features are There must be at least three independent incorporators It must be formed…

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Annual Returns to CIPC are due during the month following that of the anniversary of the date of Incorporation (nothing to do with the Financial year end). If returns are not submitted, the company or CC will be de-registered by CIPC. When that happens, we have to apply to restore (actually reversing the de-registration). This is now either impossible or a nightmare process including advertising in the newspaper and other demanding requirements. Only after restoration are we able to determine which Annual Returns are outstanding and then submit the outstanding returns and pay the late fees. CIPC charge a fee based…

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I guess you know that if you don’t submit your CIPC Annual Return for your company or CC for two years running, they’ll automatically de-register it. But did you know that from 1 November 2012, the re-instatement requirements became almost impossible to satisfy? Here they are – 1) Certified copy ID of director/member 2) Certified copy ID of person making the application 3) Deed search (reflecting ownership of immovable property or not) 4) Letters from National Treasury and the Department of Public Works, indicating that such departments have no objection to the re-instatement, if it has immovable property. (My emphasis) 5)…

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I could almost say none! But that is a gross over simplification. However, there are some serious misperceptions out there, so let’s take a look at them – Companies have to be audited, CCs don’t. Wrong. A company (and a CC) has to be audited if its Public Interest Score (PIS) is 350 or more. That translates to a turnover of say, R300m and a staff compliment of say, 50 people. Companies have to have their Financial Statements reviewed, CCs don’t. Right, if their PIS is less than 350 (I’m simplifying a bit). But CCs need to have their Annual…

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