Non-Compliance Is Costly — Even When You Don’t Know About It
SARS and CIPC penalties continue to accumulate whether a business is active, dormant, or never traded. Failure to maintain continuous compliance now leads to costly monthly penalties, interest, bank account closures, deregistration, invalid tax clearance certificates invalid CSD Status and ultimately the company director’s personal assets get attached by SARS. In short – these days, if you or your business is NOT staying compliant continuously, you will not do business in South Africa -either with the government (tenders) or with other private entities. This the new reality-whether we want it or not.
Dormant companies are NOT exempt from compliance. In-fact a Dormant company is now a liability – its silently costing you money if you are not maintaining its compliance.