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CIPC: Automation of Foreigner Assurance Process
- 27 November 2023
- Business
- South African Accounting Academy
CIPC is committed to customer services and the effective and efficient processing of applications and associated information.
The foreigner assurance process will allow foreign nationals to submit their information electronically and a certified copy of their passport/identity document to the CIPC for manual assurance, before they can be appointed as directors of companies, close corporations, and co-operatives. This information will be phased into the following services, over a period:
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Director amendments (date of integration will be communicated)
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New company registrations (date of integration will be communicated)
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Co-operative registration and director amendments (date of integration will be communicated)
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Beneficial ownership (date of integration will be communicated.
Foreign national information is only accepted and processed via the CIPC e-Services platform since BizPortal, Mobile App, and Self-Service Terminals are for South African Identity Card / Identify Document holders only.
For any further inquiries, kindly log a ticket via www.cipc.co.za/enquiries
Click here to download Notice 64 of 2023:
Relevance to Auditors, Independent Reviewers & Accountants:
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The Companies Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. Suppose they don’t comply with the relevant laws and regulations. In that case, you have certain reporting obligations in terms of NOCLAR (Non-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
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As an auditor, independent reviewer and accountant, you also need to monitor your client’s compliance with the Companies Act and all relevant notices/enforcements/practice notes/customer letters issued by CIPC as the regulator.
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Where you perform these compliance tasks on behalf of your client, you need to ensure that you comply with all relevant notices/enforcements/practice notes/customer letters issued by CIPC as the regulator.
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Company Secretarial staff play a critical role in bridging the gap between entities and CIPC. As legislation, regulations and tax law are continuously changing and evolving, it is of utmost importance for companies and company secretarial practitioners to keep abreast of such changes so that companies continue to meet their compliance obligations.
Relevance to Your Clients:
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An entity (company or close corporation) has a duty to comply with the Companies Act, and all relevant notices/enforcements/practice notes/customer letters issued by CIPC as the regulator.