So, you’ve just registered your new company—congrats! You’ve got the passion, the business name, maybe even a logo and a client or two lined up. But wait… who’s handling your taxes? Who’s making sure SARS doesn’t come knocking? And what’s this thing called beneficial ownership on CIPC?
Let’s break it down—because here’s the truth: not having an accountant from the start could cost you more than just money.
1. SARS Doesn’t Do Second Chances (Well, Not Always)
Starting a business in South Africa is exciting, but keeping it compliant with the South African Revenue Service (SARS) is a whole other ballgame. You need to:
- Register for tax
- Submit annual returns
- Keep accurate records
- Pay VAT, PAYE, UIF (depending on your structure)
If you miss a deadline or don’t know the difference between turnover tax and provisional tax, SARS can penalize you heavily — sometimes even up to 200% of the amount owed. (SARS, 2023)
“Most small businesses fail due to poor financial management and lack of compliance.” — Small Enterprise Development Agency (SEDA)2. Deregistration is a Real Thing
2. Deregistration is a Real Thing
Yes, your company can be automatically deregistered if you don’t submit your returns to SARS or your Annual Returns to the Companies and Intellectual Property Commission (CIPC). And getting it reinstated? A total headache.
Avoid the stress, the admin, and the lost opportunities — get a professional to help you stay compliant from day one.
3. What Even Is “Beneficial Ownership”?
As of 2023, South African companies must declare their beneficial owners to CIPC — meaning you must disclose who really owns or controls the business. This is part of global efforts to combat money laundering and financial crime.
Most new business owners don’t even know this exists. But if you don’t comply, CIPC can flag or even deregister your company.
“Companies must file beneficial ownership information within 10 days of changes, or face penalties.” — Companies and Intellectual Property Commission (CIPC, 2023)
4. We’re Not Just Number Crunchers — We’re Business Lifesavers
At Elirat Accountants, we don’t just balance your books. We:
- Register your company the right way
- Handle SARS compliance so you sleep better
- Submit returns and avoid penalties
- Help you plan your tax so you keep more of your profit
- Update CIPC records so your company stays alive
- Offer friendly advice — no jargon, no judgment
We’re your partner in business — from startup to scale-up.
Final Word: Don’t Wait for a Letter from SARS
Running a business in South Africa is hard enough. You shouldn’t have to figure out SARS, CIPC, tax deadlines, and financial reports on your own.
Let us help you before things go bad. Because cleaning up a mess costs way more than doing it right from the start.
Ready to get your business sorted?
Book a free consultation today at Elirat Accountants.
References:
- South African Revenue Service (SARS). (2023). Tax Guide for Small Businesses.
- CIPC. (2023). Beneficial Ownership Disclosure.
- Small Enterprise Development Agency (SEDA). (2022). Common Reasons Small Businesses Fail.
