- New Biz Portal
- General Laws Amendment Bill – Beneficial ownership update
- iXBRL update for Co-operatives
- Automation updates on the e-services
1. New Biz Portal
The CIPC shared their improved, updated e-service portal with the stakeholders.
The Commissioner spoke on the improved e-service management system that is being rolled out.
Areas of focus:
- Roll-out of the new, improved Biz Portal will be 05 December. Commissioner foresees that there will be teething problems for the first three months and urges all users to contact them so that they can fix these timeously.
- The new payment system will be effective on 05 December – CIPC is no longer accepting monetary deposits into its account and is removing the declining balance for clients. This is a non-negotiable change as Treasury has impressed on them that the CIPC is not a deposit-taking institution.
- As such, CIPC will not be operating a declining balance on the account of clients and will not accept deposits into its account. All users will need to use the new card system.
- CIPC is committed to data mining and management and will be using the new Biz Portal for this added purpose so that all data is synced and capable of extraction. They are in the process of de-linking from the Department of Home Affairs so as to be more efficient in rendering their services.
2. General Laws Amendment Bill – Beneficial Ownership update
CIPC is to submit a report to the FATF by end November in preparation for a meeting with the FATF in January. CIPC expects that the Bill will move through the parliamentary processes quite quickly and that there will not be any material changes made to it. To this end, CIPC foresees that it will be providing beneficial ownership reports in respect of the Bill. Their new system should cater for this.
3. iXBRL updates
- iXBRL is in place for Co-operatives for their filing of Annual Financial Statements.
- The new e-services pilot for AFS’s for Co-ops is still running and will go live on 02 January 2023, when Co-ops can use this service to complete their Annual Return and upload financial statements.
- CIPC confirmed that a Co-op can be reactivated once it was de-registered.
4. Automation Updates on the e-services
Areas of interest in their automation processes that were highlighted by the CIPC were the following:
Please note that the CIPC expects operational issues when their system goes live on 05 December. Be patient, use their contact details and inform them of the teething issues so that they can give it their attention.
25 November 2022