Annual Financial Statements For Startup Businessesx
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Financial Statements are a key tool businesses use to plan, structure, invest and grow. They provide high-quality, understandable and globally accepted financial reports for the position and performance of a business.
The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) framework or The International Financial Reporting Standard for Small and Medium-sized Entities ( IFRS for SME’s) framework.
South African Section 90 Companies requires independently compiled financial statements where auditors are disqualified from preparing financial statements.
We have positioned ourselves as the provider of choice through the development of a seamless reporting process and assisting in practical application of reporting framework, with experience from medium to listed-entity financial statements.
We are also able to export financial statements in XBRL format to submit to the Companies and Intellectual Properties Commission (CIPC).
Affordable price plans
Pricing plansMaximum Turnover Full Time Employees Delivery time:
Compilation of annual financial statements in accordance with IFRS for startup businesses.Maximum Turnover R250,000Full Time Employees 1Delivery time
Compilation of annual financial statements in accordance with IFRS for startup businesses.Maximum Turnover R1,5000,000Full Time Employees 3Delivery time
Compilation of annual financial statements in accordance with IFRS for startup businesses.Maximum Turnover R5,000,000Full Time Employees 10Delivery time
Income Tax Submission
ITR14 tax return for companies registered with CIPC and an annual turnover under R1 million.
Annual Return Submission
Companies must file within 30 business days AFTER the anniversary date of its incorporation while close corporations must file within the anniversary MONTH of its incorporation up until the month thereafter (effectively 2 months). It is important to note that CIPC does not allow access to file the returns before the due date.
All Companies that require an audit must also submit their audited financial statements. The rest of the companies have to submit a financial accountability statement ( CoR 30.2).
The amount of money a company has to pay to CIPC for its annual returns depends on what type of company it is e.g: CC or (Pty) Ltd (new or old Act) and what the turnover is. The turnover is calculated on the last financial year (not calendar year) so that the CIPC can compare it with SARS for accuracy.
Change in registered address
The registered address or office of a company is very important, as it is the address at which any legal documents will be served on the company. Companies are required by law to ensure that this information is up to date, and may be liable for a fine or prosecution if it is found that the information is not up to date.
CIPC Director Changes
Director changes are required to be lodged with CIPC to ensure that their records are up to date.
Shareholder changes are the responsibility of the Directors and are NOT required to be lodged with CIPC.
We offer both services and can do them simultaneously.
The Directors run the company and Shareholders own the company.
Fequently asked questions
What are Financial Statements?
Financial Statements are a key tool business owners use to plan, structure, invest and grow. They provide high-quality, understandable and globally accepted financial reports for the position and performance of your business.
When should Financial Statements be prepared?
Per the South African Companies Act, all companies are required to produce Annual Financial Statements (AFS) each year within 6 months after the end of their financial year.
Why are Financial Statements required?
Small to Medium-sized entities often require Financial Statements (a) as part of the application for financing and overdraft facilities, (b) if an investment opportunity presents itself, the Financial Statements will form part of the due diligence process, (c) compliance with tax and CIPC statutory submission requirements or (d) simply for owner’s use.
What you get when you place an order?
Our professional Chartered Accountants at Remote AFS™ will (a) collect your financial information, (b) compile your Financial Statements using the IFRS for SMEs framework, (c) convert your Financial Statements to XBRL format for submission to the CIPC.
What assurance do you give provide?
(a) Experience gained from more than 15 years consultation at the big audit firms, such as PwC and SNG and servicing clients ranging from private to multinational corporations; (b) 100% on-time delivery; and (c) Unlimited revisions until you are satisfied.