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CIPC: Foreigner assurance service
- 08 May 2024
- CIPC
- South African Accounting Academy
The purpose of this notice is to address some general challenges encountered during the Foreigner Assurance process, to improve its overall efficiency. Some challenges are listed in this notice.
The application will be rejected if the passport indicates an expiration date, and such was not captured.
Certified/Notarized copies of the original documents must be provided, clearly stating that they are true copies of the original, either using a stamp or a handwritten statement. These copies must also meet the CIPC certification requirements as stipulated in Practice Note 2 of 2022. For instance, the certification must not be older than three months, it must be dated, and the commissioner of oath must be identifiable (including full name, surname, and designation) and traceable (including address). The notice can be accessed at https://www.cipc.co.za/wp-content/uploads/2022/06/Practice_Note_-_CERTIFICATION_2.pdf
Only enquiries submitted via the correct enquiry mailbox will be attended to within 5 (five) working days from receipt. If an inquiry has not been addressed within 5 working days, the escalation procedure outlined in the notice may be followed. Email addresses are provided for the Escalation Procedure for Foreigner Assurance Inquiries (per tier).
The service standard for processing a Foreigner Assurance application is 2 (two) working days but may fluctuate dependent on volumes and integration with other services of the CIPC.
Click here to download Notice 37 of 2024:
https://www.cipc.co.za/wp-content/uploads/2024/05/Foreigner-Assurance_Notice_May-2024_v1.1.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The Companies Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, 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.
- 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.
- 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.
Relevance to Your clients:
- 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.