Name Changing

Changing a nature of Business at the Compensation Fund is possible, but this is a very lengthy process and there is np guarantee that the updated nature of business and category will reflect on the updated Letter of Good Standing.

The Compensation Fund will use the highest fee for a specific class to calculate the assessment fees, whether the nature of business was changed from a higher to a lower risk.

There is no timeframes that can be provided for a nature of business to be changed at the  Compensation Fund, it is therefor very important to ensure that you select the correct category for your industry.

LBC Professional Services assist employers and guide them where possible with regards to industry and nature of business classes, ensuring an accurate registration.