Short answer
Employers who employ one or more employees generally must register with the Compensation Fund under COIDA. Registration requires business and employee information; once registered, you submit an annual return of earnings and pay assessments to stay in good standing.
What COIDA is
The Compensation for Occupational Injuries and Diseases Act (COIDA) provides compensation for employees who are injured or become ill because of their work. Employers fund it through assessments paid to the Compensation Fund.
Who must register
Generally, employers who employ one or more employees must register, subject to certain exclusions. Registration is usually required as soon as you employ your first employee.
What you need to register
- Proof of business registration.
- Identity documents of the owner or directors.
- The number of employees and their earnings.
- A description of the business activity.
- Contact and banking details.
What happens after registration
- You receive your registration details.
- You submit an annual return of earnings during the filing period.
- You pay the assessment calculated from your declared earnings.
- You can apply for a letter of good standing.
Staying up to date every year is what keeps your letter of good standing valid.