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You are thinking of going into business. You haven’t really made up your mind but you figure you may as well register a company in the meantime.

Bad decision!

We register hundreds of companies, and it is truly sad to learn later just how many of them never even started trading.

The usual message is “Hi Derek, you may remember that you registered a company for me back in 2018. It’s never traded, so I didn’t submit tax returns or any of that stuff. Now SARS has hit the company with Administrative Penalties totalling R35 500! I’m not sleeping at night. Can you help?”

This article is not about whether or how we can help. It’s all about the fact that the person in question should not have formed the company in the first place.

The company cost R610.

Dormant companies still have the following obligations:

  • Submission of a once only Beneficial Ownership return to CIPC.
  • Submission of an annual return to CIPC.
  • Submission of 1st and 2nd Provisional Tax Returns each year.
  • Submission of an Annual Tax Return each year.

Total cost if we do them all R6 980. Hmmm!

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