The 21 day national lockdown has brought with it many changes, the majority of which are not constant either. We will be compiling a weekly summary to assist you in keeping up to date with the latest developments.
COVID-19 Weekly Update –
Navigating the new business landscape.
The Commission has extended the submission of annual returns due between 25 March to 15 April 2020. This includes the following:
– Submission of compliance checklists
– Preparation of the annual financial statements
– Name reservations that fall within the 25 March to 15 April period to be extended to 30 April
– General extension for business rescue which commenced but did not complete as required by section 129 of the Companies Act
They have confirmed that no penalties will be incurred during this time and that there will be no deregistration of companies and close corporations currently in the deregistration process due to non-submission of annual returns.
ARS E-filing services remain active. Physical visits are possible but only under extreme circumstances. They have also clarified how you can engage with them over the lockdown period.
Businesses deemed to provide essential services are allowed to continue trading during lockdown. They need to register for the necessary certificate:
– They can do so here : https://lnkd.in/dRq2EqQ
– Please note that the site is very slow and that the company registration number search function is not always operational. Should you need assistance don’t hesitate to contact us.
CIPC officially closed on 24 March. Limited E-services will resume on 1 April. Full capabilities to resume from 16 April onwards.
They indicated that any penalties levied during this period will be reversed and all extensions will be granted.
The Government has set up a Covid -19 Employee/ Employer Temporary Relief Scheme (C19 TERS) with the following conditions:
- If an employer closes their operations for a period of 3months or less due to the COVID-19 pandemic, then the company could qualify for the above temporary relief fund.
- All employers are encouraged to pay their employees where possible, but if the company does not have means to do so then it is recommended that they apply for this benefit.
- The benefit will not be paid out as per the normal benefit structure and will only be paid out for the period of the temporary closure and not longer than 3 months. The salary benefits are capped at a maximum of R17 712.00 per month per employee and the employee will be paid on a sliding scale of 38%-60% replacement rate of their salary.
For a company to qualify for this benefit:
– They must be registered with UIF
– The company must comply with the application process
– And finally the company closure must be directly related to COVID-19
If you require assistance or clarification on any of the above, please don’t hesitate to contact one of our Partners.