Annual renewal of a South Africa LLC in 2024

Since 2003, Healy Consultants Group 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’s re-engagement letter and settle our renewal invoice fees;
  • Within a month after accounting year-end, our Client will supply Healy Consultants Group with a trial balance and/or Profit & Loss statement and Balance Sheet;
  • Within a month thereafter, Healy Consultants Group 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 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:

Services Fee (US$)
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 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 27%, payable on local and global income;
  • The standard VAT rate in South Africa is 15%. Healy Consultants Group 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.

Contact us

For additional information on our business registration services in South Africa, please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal