Must financial statements be filed with the annual returns?
Companies (except external companies) are required to either file its audited financials, reviewed financials or financial supplement with its annual returns.
All companies (except external companies) and close corporations, if it is required in terms of Companies Regulation 28 read with Companies Regulation 26 to prepare audited financial statements, must file such with CIPC at the same time of filing is annual returns via www.cipc.co.za / e-services / logon using customer code and password / transact / document upload / annual financial statements.
Companies and close corporations that is neither required to file its audited financial statements, nor voluntarily filed its audited financial statements or reviewed financial statements, must file a financial accountability supplement (CoR30.2) after filing its annual returns by completing the online form via the CIPC website www.cipc.co.za / Maintain Your Business / Financial Statements and Independent Review
Which set of financial statements should be used to determine the turnover of the company or close corporation for purposes of filing annual returns?
A company or close corporation must use its latest approved financial statements for purposes of determining the turnover for purposes of filing annual returns.
How do I determine the entity’s turnover?
Annual Turnover is referred to in table CR 2B – Commission Fee Schedule of the Companies Regulation 2011 and Schedule 1: Fees of the Close Corporation Administrative Regulations. Section 223 read with Regulation 164 of the Companies Act, clearly sets out what constitutes turnover and the method required to calculate turnover for the purpose of determining the correct annual return fee to be paid to the CIPC
Will CIPC provide notification of the pending deregistration?
Yes. During the deregistration process notifications are mailed to the company or close corporation’s registered postal address as per CIPC records, informing it of the intended deregistration and a request to either provide confirmation that it is still active or to file outstanding annual returns. At the time of notification, the company or close corporation’s legal persona is not yet removed. The notification only serves to inform the company or close corporation of the intention to deregister it, if no objection or filing of annual returns occurs.
Student Loans in South Africa: How to Apply and What to Expect
For many young South Africans, accessing higher education is a dream that often comes with a financial challenge. Fortunately, several student loan optionsstrong> are available in South Africa to help fund university, college, or TVET studies. Whether you’re looking for a government loan like NSFAS or a private student loan from a bank, understanding the process is essential for success.
What Are Student Loans?
Student loans are a form of financial aid provided to eligible students to help cover tuition fees, books, accommodation, and other study-related expenses. In South Africa, these loans can come from government institutions like NSFAS or private banks such as Nedbank, Standard Bank, FNB, and Absa. Most loans offer repayment flexibility and low-interest options until you graduate.
Types of Student Loans in South Africa
- NSFAS (National Student Financial Aid Scheme): A government-funded loan/grant program for students from low-income households. Covers tuition, housing, transport, and meals.
- Bank Student Loans: Offered by most major banks. These are credit-based and require a guardian or parent as a co-signer.
- Private Loan Providers: Companies like Fundi offer educational loans covering various costs such as school fees, gadgets, and textbooks.
Requirements to Qualify for a Student Loan
Each provider has its own criteria, but most South African student loans require the following:
- Proof of South African citizenship or permanent residency
- Proof of registration or acceptance at a recognised tertiary institution
- Parent or guardian with a stable income to co-sign (for private loans)
- Completed application form with supporting documents (ID, proof of income, academic records)
How to Apply for a Student Loan
To apply for a student loan in South Africa, follow these steps:
- Identify your loan provider: Choose between NSFAS, a bank, or a private lender.
- Gather necessary documents: ID copies, academic transcripts, acceptance letters, and income statements.
- Complete the application form online or at a branch.
- Await approval: Some banks offer instant decisions, while NSFAS can take a few weeks.
- Receive disbursement: Funds are typically paid directly to the institution or your account, depending on the lender.
Loan Amounts and Repayment
The loan amount you can receive depends on your chosen lender and financial need:
- NSFAS: Covers full tuition, residence, books, and a personal allowance. The loan becomes a bursary if you pass all your courses.
- Banks: Can provide up to R120,000 or more annually, depending on tuition costs and credit history.
Repayment usually starts after graduation or once you start earning an income. Bank loans may require interest-only payments during your studies. NSFAS repayment only begins when you earn above a specific income threshold.
FAQs on Student Loans in South Africa
1. Can I apply for a student loan without a parent or guardian?
For government loans like NSFAS, yes. But most banks require a financially responsible co-signer, especially for students without an income.
2. Is NSFAS a loan or a bursary?
NSFAS starts as a loan, but it converts to a bursary if you meet academic performance requirements. This means you may not have to pay it back.
3. What is the interest rate on student loans?
Private banks offer competitive rates between 5% and 12%, depending on the applicant's credit profile. NSFAS charges a much lower interest rate, usually linked to inflation.
4. What happens if I fail my courses?
If you’re funded by NSFAS and fail, your loan won’t convert into a bursary, and you’ll need to repay the full amount. Banks may continue charging interest, and your co-signer may be held liable.
5. Can I use a student loan to pay for accommodation and laptops?
Yes. Both NSFAS and many bank student loans cover costs beyond tuition, including housing, meals, textbooks, and electronic devices like laptops or tablets.
Final Thoughts
Student loans in South Africa offer a much-needed financial lifeline to thousands of students every year. Whether you're applying through **NSFAS** or a private bank, ensure you understand the **terms, interest rates, and repayment conditions** before signing any agreement. Make informed decisions today to secure your academic and financial future tomorrow.