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Three things you need to know about COID and getting a Letter of Good Standing

by , 05 September 2014
There's new buzz around COID at the moment because of the change the DoL recently made. As of last month, the fund launched a new service where you can get your Letter of Good Standing online.

This means the whole process will be much faster now. You can also verify letters online which means checking your contractors credentials just got easier too.

But what do you need to do before you apply for your Letter of Good Standing online?

 

To get your Letter of Good Standing online, you need to do these three things

 
#1: Register your company with COID. The COID Act, section 80, outlines your legal obligation to register your company with COID even if you only have one employee.
 
You must keep your registration number or documents to prove you registered your company with COID.
 
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#2: Submitted all your Statement of Earnings to the current date. This is another legal obligation as the Compensation Commissioner needs this document to assess your company. You must submit it every year in March.
 
#3: Get the Commissioner to fully assess your business. Make sure you have paid all your COID assessment tariffs to date. Without the Commissioner's assessment, your business doesn't have the COID stamp of approval yet. 
 
You'll also face penalties if you don't pay your assessment tariff.
 
You need to do all three of these things before you can get a Letter of Good Standing. So do them and keep of the records to prove you have fulfilled these legal requirements, just in case there are any problems.

PS: We strongly recommend you check out the COID Compliance Guide. It has everything you need to fully comply with the COID Act.

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