CIPC: New eservices Automation System for Registration of Co-operatives

CIPC: New eservices Automation System for Registration of Co-operatives

• 23 October 2024
• CIPC
• South African Accounting Academy

Summary:

The Companies and Intellectual Property Commission (CIPC) has announced that they are implementing a new automated registration system for Co-operatives, effective 25 October 2024.

Article:

Key changes:

1. Automated Documents: System-generated Co-op1 Form and Constitution will be sent to all members via email for authorisation of the process.
2. OTP Authentication: The new process will use OTP numbers to authenticate member signatures, eliminating the need to upload signature pages.
3. End-to-End Process: All steps, from Name Reservation to complete Co­ operative registration, must be completed via the new e-services portal.
4. Foreign Nationals: Verification: Foreign nationals must first register with foreign assurance for verification.

Exceptions:

• Secondary and Tertiary Applications: These will still require the uploading of signed documents due to the nature of the process of verifying the primary and secondary cooperatives before registration.

Important Deadlines:

• Pending Applications: All applications must be completed on the current system by 23 October 2024.
• Please ensure you finalise the registration process before this date.

A detailed Step-by-Step guide will be published on the CIPC Website to assist with the new process.

Click here to download Notice 68 of 2024:

https://www.cipc.co.za/wp-content/uploads/2024/10/NOTICE-TO-CUSTOMERS-NEW-REGISTRATIONS-signed.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 clients’ (who are co-operatives) compliance with the Co-Operatives Act and all relevant notices/enforcements/practice notes 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 and that you are aware of the latest media statements issued by CIPC as the regulator.
• 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 in so that companies continue to meet their compliance obligations.

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 and to be aware of the latest media statements issued by CIPC as the regulator.
• Entities who are co-operatives) compliance with the Co-Operatives Act and all relevant notices/enforcements/practice notes issued by CIPC as the regulator.

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