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So many people register a company with us and then do nothing with it.

Is that a problem?

Most definitely.

SARS is imposing a penalty of R200 each month for every Income Tax return that is outstanding by companies. They appear to be particularly targeting dormant companies. To avoid this, you will either have to submit nil returns yourself or pay someone else to do them for you.

CIPC imposes a much smaller penalty of R50 for late submission, but they will de-register your company after a few years of non-submission. You can submit the returns yourself or pay someone else to do them for you.

All of that involves effort or cost.

What if you decide that you want the company de-registered? If we formed the company for you, it probably only cost you R475, but to get it fully de-registered at CIPC and SARS costs about R10 000!

So, think twice before you register a company. Only do so if you are serious about going into business.


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