We are thrilled to announce that C2M Chartered Accountants is now a Xero Platinum Partner!
This prestigious status reflects our commitment to providing top-notch accounting services to our clients. Thank you to our amazing team for their hard work and dedication, and to our clients for trusting us with their financial needs. We look forward to continuing to serve you with excellence.
If you have any queries or are interested in converting to Xero, feel free to contact us today!
Incorporating Beneficial Ownership Information with Annual Return Filings
We would like to bring to your attention important updates regarding beneficial ownership information and its incorporation with annual return filings for companies and close corporations registered with the Companies and Intellectual Property Commission (CIPC).
The General Laws (anti-Money Laundering and Combatting Terrorism Financing) Amendment Act, 22 of 2022, amended the Companies Act, 2008, introducing new requirements for the submission of beneficial ownership information by corporate vehicles registered with the CIPC. In terms of the amendment and implementation of the relevant Regulations, all companies and close corporations will need to file its annual return with the Commission, together with its beneficial ownership declaration and security register or beneficial interest register (as applicable), within 30 business days after their anniversary date. In terms of a future hard-stop functionality, companies and close corporations will not be allowed to file its Annual Return via any of the CIPC electronic platforms UNLESS BO has been submitted and/or is up to date.
Action Required: We urge all companies and close corporations to ensure compliance with the beneficial ownership filing requirements. To facilitate this process, please submit your details with regards to beneficial ownership information to us as soon as possible.
It is crucial for all companies and close corporations to ensure compliance with these new requirements to maintain good corporate governance and business continuity and also to prevent any penalties incurred for the late filing of Annual Returns. If BO and Annual Returns are not up to date the company or close corporation may be referred for deregistration and even final deregistration due to non-compliance.
Should you have any questions or require assistance, please do not hesitate to contact us.
Mandatory B-BBEE Compliance for Real Estate Agencies
The Property Practitioners Regulatory Authority (PPRA) has announced that compliance with Broad-Based Black Economic Empowerment (B-BBEE) regulations is now compulsory for all real estate agencies in South Africa, particularly those with a specified turnover level. This regulatory shift underscores the commitment to transformation within the real estate sector.
According to recent communications from the PPRA, real estate agencies are required to attain at least a Level 8 BEE status to maintain their operations legally. This directive aligns with the government’s ongoing initiatives to promote economic inclusion and ensure equitable access to business opportunities across all industries.
Real estate agencies are encouraged to promptly review their B-BBEE status and take necessary actions to comply with the new regulations. Failure to adhere to these guidelines may result in regulatory penalties or operational restrictions.
For further guidance on achieving B-BBEE compliance and understanding its implications for your agency, please reach out to us. We are here to support you in navigating these regulatory changes and maintaining your agency’s legal standing.
Warm regards,
C2M Chartered Accountants
