across the bar

CIPC experiences teething problems

by Ashley - Posted 12 July 2011

The Companies and Intellectual Property Commission (CIPC), formerly known as CIPRO, was established pursuant to the New Companies Act which came into effect on 1 May 2011.

Since the get go the CIPC has been confronted with various problems ranging from its computer systems to its inability to deal with increased activity. These problems have caused havoc for companies and close corporations who wish to file their annual returns, some of which have already been deregistered for failing to meet the deadlines.

In light of these problems the acting commissioner of the CIPC has advised that the CIPC will waive the late filing fees and penalties for annual returns. The waiver is applicable to annual returns which become due during the period 1 April 2011 up to and including 31 March 2012.

In addition any company or close corporation which was and/or still is required to file their annual return during the period 1 April 2011 and 31 July 2011 will be given an additional 60 days to file their annual returns. This means that the CIPC will only be able to refer a company or close corporation for deregistration due to non-compliance after a period of 90 days and not 30 days.