Company Restoration

What you need to know

Failure to pay a company’s annual returns will eventually result in your company’s deregistration. This means that your company will cease to exist as a legal entity.

There are 3 scenarios where a company can be restored; (1) if the company owns fixed property (2) if the company can prove that it has continued to trade after the deregistration or (3) by a court order.

Once your company has been restored, it needs to file a Beneficial Ownership declaration with CIPC in order to pay the outstanding annual returns for which you have 30 days to settle or it will be deregistered again. Our service INCLUDES filing the Beneficial Ownership declaration.

Good to know

If your company owns property, we will needs to do a deeds search which is an additional cost of R400

Price : R2580
How long does it take? 21 Days

Call Centre
021 595 4433

Email
info@swiftreg.co.za

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Frequently Asked Questions

Why is my company deregistration status?

Your company was deregistered by CIPC due to non payment of the annual returns. Annual returns are due to CIPC each year on the anniversary of the registration date of the company and has nothing to with company tax due to SARS. Annual returns are based on the companies annual turnover.

Can my company be restored?

Yes, but only in the following three scenarios, namely; if the companies owns p roperty or if the company continued to trade after it was deregistered or by an order of the court. For any other reason other than these three scenarios CIPC will not restore your company.

What is the difference between final deregistration and deregistration in process.

A final deregistration is exactly that, meaning you would have to manually apply to CIPC to restore your company. A deregistration in process means that the process has not been finalised and you can still have a chance to pay and submit online to avoid deregistration. In both scenarios you would have to pay all the outstanding fees and penalties for each outstanding year.

What are the legal implications of a deregistered company?

A deregistered company does not have any legal status. This means that the assets of the company are forfeited to the state. The bank account will be frozen and certain decision that the directors take will be deemed as void.

What happens if the company owns a property and it is deregistered?

CIPC will allow the company to be restored, however this is an admin intensive process as it requires a Deeds Office search, a letter from the department of Public Works, 12 months bank statements proof of an advert in a local paper and an affidavit stating why the annual returns were not paid. Once the application has been accepted by CIPC there will be another window period during which all the outstanding annual returns and penalties need to be paid in full in order to restore the company.

How long does a restoration take?

It is an admin heavy process and due to all the documentation required from third parties it usually takes 6 to 8 weeks

Why does CIPC require 12 months bank statements to restore the company?

CIPC requires proof that your company was active before, during and after the deregistration, therefore the 12 month bank statements must show the 6 months trading before and 6 months trading after the deregistration date.

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