Letter of Good Standing

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.

For more info on COID Letter of Good Standing, view some of the main questions most business owners ask below.

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.

No, a business must be registered with the Compensation Fund before a letter of good standing can be obtained.

A person or organization in good standing is regarded as having complied with all their explicit obligations.

Here are the prerequisites, as an employer or business owner, to getting a COIDA 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 installment arrangement to pay your assessment fee on a month‐to‐month basis, you can only receive a COIDA 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 toll free on 0800 007 269.