CIPC: 2 New Platforms You Need To Know

The Companies and Intellectual Property Commission (CIPC) has introduced innovative measures that will make things easier for businesses.

 

Here are two innovations that you need to know about:

 

1. NEW E-SERVICE: NEW COMPANY REGISTRATION 

 

 

The CIPC has launched the Automated New Company Registration E-Service platform. The automated service will form part of the current e-services transactional website of CIPC and will allow customers to process company registration directly with same-day approval without attaching supporting documents. 

 

The customer needs to capture the required information, e.g. directors, members, addresses, and approved name reservation on the system. Once captured successfully, transactions that do not have foreign national directors, the company will be automatically registered, Supporting documents will only be uploaded if the application has a foreign national director whereby a passport is required for back-office examination and approval.

 

This service will be launched on 01 March 2021. The cost for registration will be R175 (Including the name reservation).

 

To access it, customers need to sign in with their customer code and password, A step-by-step guide with print screens on how to use the functionality is available on the CIPC website under Access/Step by Step guides.

 

CIPC is very excited about the new addition to the automated portal and trusts that it will improve customer satisfaction and ensure shorter turnaround times.

 

  1. K2

 

CIPC will be introducing a new registration system called K2 (automated processes) to simplify the processes across its service provision. This includes Name Reservation, Co-operative, and Private company registration in a fully automated environment as a first phase. 

 

According to CIPC, customers will enjoy a seamless registration process that will allow the quickest processing of applications with faster turnaround times. Subsequently, CIPC will therefore enhance its 24/7 virtual 

office about name reservation, cooperative and private company registration.

Payments will now be processed using a 3-D enabled card (debit and credit cards), thereby eliminating the misallocation of funds challenge as experienced in the current depository system.

 

The CIPC will in the coming months be closing down the payment depository system as it further rolls out instant card payments.

CIPC encourages all business owners with balances in their agent accounts to start using them up and not to deposit any bulk amounts.

 

The current registration process will run concurrently with the new process until further communication is issued. 

"We encourage all clients to start using the new system and to get familiar with its functionality and ease of use and processing as we will be switching off the current registration system in the coming months and migrating fully to the new K2 system," says the statement issued by CIPC.

 

CIPC has an online portal where companies can upload their AFSs in XBRL format and submit them immediately. 

 

When you log in as a user, the portal will authenticate you on CIPC eServices where after you will be allowed to upload AFS data files. From there, the portal will validate your uploaded AFSs against the CIPC
taxonomy, and send an automatic notification via e-mail.

 

In cases where submissions are rejected, the system will send you the exact reasons
for failure, after which you will have to re-submit your AFSs. 

 

Information sources
Information in these guidelines can be referenced from the following sources:
CIPC Guidelines publication
https://en.wikipedia.org/wiki/XBRL
https://www.saica.co.za/TechnicalInformation/CorporateReporting/XBRL/tabid/645/language/en-ZA/Default.aspx
https://www.xbrl.org/the-standard/what/ixbrl/
https://www.workiva.com/blog/what-inline-xbrl-and-how-will-it-affect-you
XBRL Taxonomies
https://www.xbrl.org/the-standard/what/taxonomies
https://www.aicpa.org/interestareas/frc/accountingfinancialreporting/xbrl/pages/howxbrlworks.aspx

 

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Should you have any questions regarding this topic, don't hesitate to drop us an email at info@mgt-accounting.co.za 

Disclaimer: Some parts of this article were taken from the CIPC website.