As explained by the department of labour; “All employers who employ one or more workers in connection with their business or farming activities, are required to register with the Compensation Fund.
A separate registration is necessary for each separate branch of a business, unless an arrangement for combined registration has been made.”
In order to obtain a letter of good standing, you must first register your company at COID.
How to get a letter of good standing
- After registering your company, go to our store section and select "COID Package" (Your COID registration, ROE submission and letter of good standing is included in the package).
- One of our consultants will contact you to assist you through the process and insure you choose the right package.
- Send your proof of payment and plain ID copy ( not certified ) to the email address to consultant will give you.
- Once we have all of the required documents we will register your company at COID and send you through your COID registration number along side your notice of assessment (This takes around 5 working days).
- Once the NOA (Notice Of Assessment) is paid, you will receive your letter of good standing within 24 hours.
- The notice of assessment (NOA) is a fee payable to the department of labour, which is based on the total salaries paid by the company and the risks the employees of the company might face when performing their duties. The fee is used to cover all of your employees when they obtain injuries.
- A letter of good standing must be renewed every year Between the 28th of February and the 30th of April - irregardless of when the registration was done.