Annual renewal of a South Africa LLC in 2023
Since 2003, Healy Consultants Group PLC helps international Clients timely complete their annual South Africa entity legal, accounting and tax obligations:
South Africa LLC renewal steps
- A month before the accounting year end, our Client will sign Healy Consultants Group PLC’s re-engagement letter and settle our renewal invoice fees;
- Within a month after accounting year-end, our Client will supply Healy Consultants Group PLC with a trial balance and/or Profit & Loss statement and Balance Sheet;
- Within a month thereafter, Healy Consultants Group PLC will e-mail our Client i) draft financial statements for the South Africa LLC and ii) a draft annual statutory return;
- Together with our Client, our Firm will legally minimise South Africa and international tax and secure an exemption from an independent statutory annual audit. Generally, a public company is subject to audit if its Public Interest Score is greater than 350;
- Within a month thereafter, Healy Consultants Group PLC will timely submit to the South Africa Revenue Service (SARS) an accurate and complete statutory annual return;
- If our Client’s company is subject to SARS penalties, our team will aggressively and skilfully negotiate a waiver of government fees and penalties.
South Africa Company renewal fees
Healy Consultants’ average South Africa company renewal fees:
|South Africa legal registered office fees for 1 year||1,200|
|South Africa Government fees||150|
|South Africa Public Officer fees for 1 year||3,150|
|Accounting and tax fees for a dormant company||950|
|Accounting & audit & tax fees for an active company||3,200|
Independent Statutory Annual Audit Steps
- If an independent statutory annual audit is required, Healy Consultants Group PLC will appoint a South Africa independent auditor to timely complete the statutory audit;
- For the accounting period under review, our Client will Dropbox us i) a trial balance and bank statements ii) sales invoices and contracts and iii) expenses invoices;
- During the independent statutory annual audit, there is an 80% probability that the South Africa auditor will revert at least one time to request for additional supporting documents to complete the audit and issue a final audit report.
Accounting and Tax considerations
- South Africa companies must file annual tax returns within 12 months of the end of the company’s accounting year;
- Standard corporate tax is 28%, payable on local and global income;
- The standard VAT rate in South Africa is 15%. Healy Consultants Group PLC will file bi-monthly VAT returns on behalf of our Client. If annual revenue exceeds US$2.8 million, returns are filed monthly;
- South Africa companies pay no capital gains tax if profit is generated from the sale of holdings in an overseas company, provided the South Africa company owns at least a 10% stake in the foreign company;
- See this webpage for detailed South Africa accounting and tax information.
Legal and Compliance Considerations
- During South Africa company renewal, our compliance team may ask for additional updated Know Your Customer due diligence documents. We expect our Clients to timely provide the same;
- If our Client delays settling our renewal invoice, there will be a penalty to cover the costs of government penalties for late filing;
- See this webpage for detailed legal and compliance considerations.