Did you know that many small business directors in South Africa are unknowingly non-compliant with the Companies Act? If you’re not 100% sure about your Public Interest Score or when your Annual Financial Statements are due, this one’s for you.
The Companies Act sets out specific duties for directors — but that doesn’t mean you need a law degree to understand them. We’ve taken the heavy lifting out of legalese to help you take control of your financial obligations.
What Matters Most — Broken Down
1. Public Interest Score (PIS)
Your PIS determines the level of assurance your financials require. If it’s over 100, you need an independent review. Over 350? That’s a full audit. Knowing your PIS keeps you compliant and helps avoid unnecessary admin.
2. Your Financial Statements
Compiled, reviewed, or audited? That depends on your PIS and how your company is managed. Don’t just download a template — get expert advice on what’s legally compliant.
3. CIPC Return Filing & AFS Submission
Every year, you must submit your Annual Returns (CIPC), Beneficial Ownership Reporting, and your financials — often in XBRL format. Miss this, and you could face deregistration. That deregistration can mess with your SARS tax profile, delaying refunds and attracting penalties.
4. Why Directors Get Caught Out
Most directors don’t realise that these filings are not optional. It’s not just about staying on SARS’s good side — it’s about legally running your company the way the Act expects you to.
Running a business is tough. Compliance doesn’t need to be. Let’s help you get ahead of year-end stress with a smarter, director-ready checklist.
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