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Apply for a letter of Good standing - Compensation Fund
1. What is a letter of good standing?
A letter of good standing is issued by the Compensation fund to state that the business is currently registered and does not owe the fund any money. It is also issued when a business registers with the Compensation Fund and pays the provisional assessed amount.
2. Can a letter of good standing be obtained without being registered with the Compensation Fund?
No, a business must be registered with the Compensation Fund before a letter of good standing can be obtained. You can register with the Compensation fund here.
3. How long can I use a letter of good standing before it expires?
Unfortunately the duration of the letter cannot be determined beforehand. If you haven't been assessed for a particular year or assessment has been done but payment is not due yet the letter is normally issued for no longer than 3 months. If you have been assessed and payment has been made the letter normally expires in the new financial year.
4. Will I know the reasons why my application has been rejected?
Yes, we will send you full details on why the letter could not be issued within 2 - 5 working days after we have received your order.
5. Is a letter of good standing the same as a tax clearance?
No, although a tax clearance (good standing) can be obtained from SARS it is two totally different certificates as the one is issued by SARS based on income tax, VAT, PAYE etc. where a letter of good standing is issued by Compensation Fund.
6. How does the annual subscription service work?
As explained in point 3 above sometimes the letter expires within 2 months after which a new application must be submitted. If you subscribe to the annual services we will automatically renew the letter for a whole year from date of order. Should there be any outstanding issues we will notify you immediately and obtain the letter once resolved.
FOR ALL THE INFO YOU NEED ON THIS SPECIFIC SERVICE PLEASE CLICK ON THIS "FAQ" BUTTON.
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GET A LETTER OF GOOD STANDING WITHIN 2 - 5 WORKING DAYS
Please note that a business must be registered with the compensation fund before a letter of good standing can be obtained.
Register your business with the compensation fund here:
A letter of good standing can be obtained once the employer has complied with the requirements of the Act, inter alia :
- Submitting the latest return of earnings
- Assesment has been paid or installments have been arranged
- Application must be made in good time, 5 working days before it is required. If arrangements were made for instalments please send us a copy thereof and proof of payments.
1. How does it work?
You can either apply for a:
- Once off application (we apply for 1 letter of good standing, once it expires you need to apply again) - Cost R395 per application
- Annual subscription (we apply for a letter of good standing on the date the order is received and will automatically apply* for new certificates once the certificate expires, this will be an ongoing process for a full year onwards ) - Cost R995 per annum
You can make your selection on the online aplication form below.
*Please note: the client is still responsible to have all returns and monies paid up to date with the compensation commissioner to enable us to obtain the letter of good standing. Should there be any outstanding issues the client will be notified by us.
Step 1 - fill in the form below
Step 2 - pay the R395/R995 online via credit card or any other way.
As soon as we have received the application for a letter of good standing, we will request it from the Compensation Fund. If there are no outstanding returns/monies on the registration number, the letter of good standing will be e-mailed to you directly.
PLEASE READ THROUGH THE PARAGRAPH BELOW (APPLICABLE TO ONCE OFF APPLICATIONS ONLY) :
The duration of the letter of good standing issued, is at the discretion of the Compensation Commissioner based on your Return of Earnings being assessed. We have no control over this and therefore will not be able to guarantee the duration of the letter. Once the letter has expired you will have to apply for a letter of good standing again and pay the R395 fee.
2. What is the turnaround time?
If there is no outstanding issues on the registration number for which a letter of good standing was applied for the letter of good standing will reach you within 2-5 working days. If there is however outstanding issues the responsibility lies with the user to sort these out. As a myfinance-online user you can contact our offices for assistance in this regard. As soon as all issues have been resolved the letter of good standing will be send to you.
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