Do you need a Letter of Good Standing from the Compensation Fund? We are experts in Workmans Compensation Fund Services – including a Letter of Good Standing. We are able to get yours to you Online within only 48 hours. Apply below or call us on 082 380 6551 over lockdown.
Requirements to get a Letter of Good Standing:
1. COID Registered: You must be COID Registered and have a COID Registration Number to prove it (we can assist with the COID Registration process).
2. Returns of Earnings: All Employers who are registered at the Compensation Fund, need to Submit and Pay their Annual Fees. Without successful submission and payment of these annual fees, the Employer will not obtain a Letter of Good standing. This process is sometimes very time consuming and complicated. We can assist you in a faster and professional manner with this. If you still need to do this, request consultation below.
The Main Advantage of a Letter of Good Standing:
To apply for most Contracts and Tenders in South Africa, your Company will have to submit a Letter of Good Standing. This Letter states that you are in good standing with the Compensation Commissioner and you have met all their requirements.
What is a Letter of Good Standing?
A Letter of Good Standing is an official letter that proves you are COID registered and up-to-date with your payments to the Compensation Fund.
The reason why Tenders and Contracts so often require you to have a Letter of Good Standing is simply to make sure you’re taking full responsibility of your employees and to make sure you’re authorized to operate legally.
If you’re not COID registered or you’re not in good standing with the Compensation Fund, your employees aren’t covered by the Compensation Fund in the case of any work-related accidents in terms of medical expenses or compensation in the case of permanent injury or death.
We can assist with a Letter of Good Standing, COID Registration and your Submissions and Payments to COID – contact us on 082 380 6551 over lockdown.
What documents do you need to get a Letter of Good Standing?
Here are the prerequisites, as an employer or business owner, to getting a Letter of Good Standing – and the correlating legislation:
- You have to be registered with the Compensation Fund – section 80 of the COID Act. We can assist you to Register with COID.
- You have to be up-to-date with your Return of Earnings submissions – section 82 0f the COID Act. We can assist you with your Return of Earnings Submissions.
- You must be fully assessed by the Compensation Fund in terms of your payable amount – section 83 of the COID Act. We can assist.
- You have to be up-to-date with your due payments – section 86 of the COID Act. We can assist.
- Please note: If you have an instalment arrangement to pay your assessment fee on a month‐to‐month basis, you can only receive a Letter of Good Standing that’s valid and renewable on a month‐to‐month basis.
We can assist with a Letter of Good Standing, COID Registration and your Submissions and Payments to COID – contact us on 082 380 6551 over lockdown for help.