The Companies and Intellectual Property Commission (CIPC) has announced plans to deregister over 500,000 companies and close corporations that have failed to submit their Annual Returns and Beneficial Ownership declarations.
The CIPC, which is responsible for maintaining an up-to-date register of companies and close corporations in South Africa, issued a warning in September about the consequences of non-compliance. Following this notice, the business regulator will now refer the remaining non-compliant entities for deregistration.
In a statement, the CIPC confirmed that the referral process will begin in the first week of December, with final deregistration scheduled for the end of February or early March 2025 for those who remain non-compliant.
CIPC Commissioner Rory Voller emphasized the importance of complying with legislative requirements, stating, “It’s a legislative requirement. Companies are required to file annual returns to keep the information on their company up to date with the regulator. If you fail to do so for two years, we begin the deregistration process.”
The move underscores the CIPC's commitment to ensuring that business entities in the country remain compliant with the law.