The Companies and Intellectual Property Commission (CIPC) is in the process of deregistering half a million non-compliant companies and closed corporations.
Spokesperson Ndileka Cola said a formal notification was issued to the affected companies in September and those who failed to file their annual returns and beneficial ownership declaration next week, will be deregistered.
She said it was the responsibility of the CIPC to maintain an up-to-date register which will contribute to a better business environment and aims to facilitate improved decision-making, targeted support, and efficient allocation of funds to those in need.
The Commission also aims to curb the criminal activities that target both active and dormant entities for fraud, money laundering, and terror financing.
Cola said this initiative will significantly aid South Africa in exiting the greylisting, as the Financial Action Task Force mandates an up-to-date companies registry.
CIPC will be referring the remaining companies and closed corporations for annual return deregistration and eventual final deregistration.
Cola said the referral for deregistration will happen next week and the final deregistration will take place at the end of February and the beginning of March next year.
The Commission said companies and close corporations must confirm their status via the CIPC BizPortal website.
