If you’re wondering how to get a Letter of Good Standing fast, you’ve come to the right page. Here we’ll show you how to get a Letter of Good Standing within 48 hours using a fast-tracked, online service.

Please note this page does not serve as legal advice and it’s important to check for any regulation changes at the relevant authorities.

A fast-tracked service helps you get the documentation you need ASAP by depending on the experts who work with COID every day.

Below we’ll show you how works, what it costs and what the requirements are so you can get your Letter of Good Standing in 48 hours.

We’ll also answer a few frequently asked questions on COID and the Letter of Good Standing and we’ll show you what to do if you still need to register for COID.

First, here are 2 service options.

This is the best option if you’re registered with COID already:

letter of good standing

 

 

 

 

 

 

 

 

 

 

Cost: R790

Timeframe: 48 hours *

This includes:

  • A Letter of Good Standing
  • Your own dedicated consultant
  • Your own online company administration file (link to online system article)
  • FREE BEE Certificate (optional)

* 2 Working days is our typical turnaround time for clients who are already registered at COID. Kindly note this excludes all COID payments/fees.

This option includes COID registration:

Coid Registration

 

 

 

 

 

 

 

 

 

 

Cost: R1990

Timeframe: 5 Working Days *

This includes:

  • COID Registration
  • A Letter of Good Standing
  • Your own dedicated consultant
  • Your own online company administration file (link to online system article)
  • FREE BEE Certificate (optional)

* Working days are our typical turnaround time to facilitate COID Registration and a Letter of Good Standing. Kindly note this excludes COID payments. 

How do you order one of these services?

You can order it online here or you can call our Toll-Free number (0800 007 269). A consultant will answer all your questions and walk you through the simple sign-up steps.

Here is a list of the topics we’ll discuss below. Scroll down to the most helpful sections.

  • Requirements: What do you need in order to get a Letter of Good Standing fast?

  • Requirements: What do you need if you still need to register for COID too?

  • An infographic: How to get a Letter of Good Standing if you haven’t registered with COID yet.

  • The Basics on COID and a Letter of Good Standing 

  • What is the Workman’s Compensation Fund?

  • What is a Letter of Good Standing and why do you need to be registered for COID to get a Letter of Good Standing?

  • Is COID Registration compulsory?

  • Why is the Workman’s Compensation Fund important to have?

  1. Requirements: What do you need to get a Letter of Good Standing fast?

In order to get a Letter of Good Standing quickly, you need to be registered at the National Compensation Fund (COID) and up-to-date in all your payments to them.

When your COID payments aren’t up-to-date, COID won’t issue you a Letter of Good Standing.

  1. Requirements: What do you need if you still need to register for COID too?

In order to register for COID you will need a valid South African ID, a Company Registration document, a COID Registration form and a proof of payment of your registration fees.

You can read below how the entire process works.

* If you’d like to use our COID Package or COID Registration service, you will need a Power of Attorney document too – this allows your COID expert to do the paperwork for you.

  1. An infographic: How to get a Letter of Good Standing if you haven’t registered with COID yet.

How to get a Letter of Good Standing in 3 steps (including COID registration).

Step 1: Register with the Workman’s Compensation Fund (COID).

How: At the Department of Labour or online using our fast-tracked service.

Timeframe via the Department of Labour: It may take 3 months or more, depending on their workload.

Timeframe via our fast-tracked services: 25 days *

* 25 Working days is our typical turnaround time to facilitate COID Registration.

What you need:

  • A valid South African ID
  • Your Company Registration document
  • A filled-out COID Registration form
  • Proof of you paid your registration fees
  • A Power of Attorney document if you use our services

Step 2: Submit your Returns of Earnings

 A Return of Earnings is a document that demonstrates your total wage/salary expenses for the last financial year. It’s usually due every year on the 30th of April.

If it’s the first time you’re registering for COID, the Return of Earnings will be included in step 1.

The Workman’s Compensation Fund determines the fee that you need to pay to them as a percentage of your annual wage/salary expenses.

In order for accurate calculations, you need to submit your employee expenses for the last financial year. After the assessment, the Department of Labour will send you a Notice of Assessment (NOA) with the amount you need to pay to COID.

How: Also, at the Department of Labour. If you sign up for our service, this is included.

Timeframe: Once you’ve submitted your Return of Earnings, it usually takes 3 days to send you your Notice of assessment. With our service, this is included in the 25-day timeframe.

What you need:

  • Fill out our COID Registration form (that includes a Return of Earnings sections)
  • OR renew your Return of Earning on the 30th of April

Step 3: Pay the NOA amount to the Workman’s Compensation Fund

Once you’ve made your due payment to the Workman’s Compensation Fund, you’ll receive a Letter of Good Standing.

You can pay the annual or the monthly sum, however, your Letter of Good Standing will correspond, being valid either for a year or only month-by-month. 

How: Once again, either the Department of Labour. Or if you sign up for our service, it’s already included.

Timeframe: After your payment, you should receive your Letter of Good Standing in one working day.

What you need:

  • To pay the amount on the NOA document.

The Basics on COID and a Letter of Good Standing

What is the Workman’s Compensation Fund? 

In a sense, the Workman’s Compensation is a bit like nationwide workplace insurance.

It’s a national fund that helps businesses pay for the remunerations or medical bills of employees who suffer work-related injuries or harm.

The Fund will only cover your employees if all your due payments are up-to-date.

What is a Letter of Good Standing and why do you need to be registered for COID to get a Letter of Good Standing?

A Letter of Good Standing is a letter that the Workman’s Compensation Fund issues as proof that your payments to them are up-to-date and that you are in “good standing” with the Fund.

This implies both that you are registered with the Fund (this is known as COID registration) and that you are up-to-date with all your due payments to them.

This is important because the Fund only covers your business if ALL your payments are up-to-date.

In short, a Letter of Good Standing proves that you are registered with the Fund and covered for financial support in the case of work-related harm to your employees.

Is COID Registration compulsory? 

 Yes, it usually is. According to South African legislation, every employer needs to register for the Workman’s Compensation Fund (COID). There are a few exceptions.

Why is the Workman’s Compensation Fund important to have?

Let’s say one of your employees breaks a finger while doing a work-related activity.

It’s your responsibility to cover the medical bills, but it’s also your responsibility to pay your employees salary while they are unable to work as normal, and if there’s any permanent damage, it’ll be your responsibility to reimburse your employee for any loss in potential earnings – forever.

That’s 3 tiers of expenses to one.

Perhaps nothing ever happens at work, however, the small fee associated with the Workman’s Compensation Fund is worth the financial security.

One significant accident, or a few smaller ones, can permanently set back your business’s finances.

How does the Workman’s Compensation Fund important to have?

The Workman’s Compensation Fund demands a small fee, and in return, they offer financial support in work-related cases.

It’s a small fee to remedy the complete financial vulnerability of a South African business when something does go wrong.

Without a Letter of Good Standing, potential clients have no proof that your employees are insured in the case of work-related accidents or injuries.

You can pay your fees annually or monthly. However monthly payments imply that your Letter of Good Standing will be renewable every month too.

Why is COID Registration important for Tenders and Contracts?

Potential clients want to know your employees are covered in the case of a work-related accident because they do not want to take on the risk.

When you are registered with COID, and when your payments are up-to-date, clients can rest assured knowing your employees are covered by the Compensation Fund. This means they won’t have to take responsibility when they, for example, subcontract you and something happens to one of your employees on their premises.

consultation

 

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