Annual return is a summary of the most relevant information pertaining to a company and close corporation. By lodging annual returns companies and close corporations ensure that the CIPC is in possession of the latest information. It also confirms that the company and close corporation is still in business or will be doing business in the near future.
Brief Introduction of Annual Return & Annual Filing
All companies (including external companies) and close corporations are required by law to lodge their annual returns with CIPC within a certain period of time every year. An annual return is a statutory return in terms of the Companies and Close Corporations Acts and therefore MUST be complied with. Failure to do so will result in the Commission assuming that the company and/or close corporation is not doing business or is not intending on doing business in the near future. Non-compliance with annual returns may lead to deregistration, which has the effect that the juristic personality is withdrawn and the company or close corporation ceases to exist.
Content of Company Annual Return in China
It must include details of:
1. the company’s registered office address;
2. what type of business the company runs (eg retail, accountancy, catering);
3. the address where the company’s list of shareholders is kept;
4. the type of limited company (eg limited by shares, limited by guarantee);
5. name and address of all company directors (and company secretary if you have one);
6. the number and value of shares issued by the company and who owns them;
7. where details of ‘debentures’ (a type of loan the company has taken out with a promise to repay at a specific time in the future) are kept.
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