Update company details
To update company details is a very important and necessary task to do when owning a registered company. Keeping a company updated maintains the credibility and validity of a company. In a widely broad business economy where government and private contractors are always looking to outsource, the main thing that they do is to check if a company’s standing is up to date before they can award a company a contract.
Benefits of updating your company details
- Staying compliant with regulation. This is perhaps the most important reason to update business details. You need to continually reassess the processes to ensure they you are compliant and reduce the risk of penalties.
- A smooth and faster process when awarded contracts whether in the government or private sectors. Contractors will always require that documentation of a company is up to date before awarding contracts. Always make sure that you have an updated tax clearance, an updated BEE certificate or affidavit. In the event of government contracts or tenders, make sure you have a CSD number.
- Keeping the CIPC details updated such as directors, address, annual returns makes it easier for both contractors and individual clients to do business with a company knowing its standing