Need a cash loan today? Apply online now
If an employer is registered with the Compensation Fund as per section 80 of the COID Act, he / she can apply for a Letter of Good Standing from the Compensation Fund. This letter states that there is no outstanding claims / debt on his / her Compensation Fund record. A business must be registered with the Compensation Fund before a letter of good standing can be obtained.
Apply for same day cash loans online »
Same day Cash Loans Online
To apply for most contracts and tenders, your Company will have to submit a Letter of Good Standing which they received from the Compensation Fund. This proves that there is no outstanding debt claims from the Compensation Fund / or Employees.
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.
Requirements of a COIDA Letter of Good Standing
- 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.