12/09/2024
The Companies and Intellectual Property Commission (CIPC) launched its Beneficiary Ownership (BO) register for companies and Close Corporations effective 1 April 2023. A Beneficiary Owner is an individual who ultimately own or control a company, either directly or indirectly, by holding a beneficiary interest of 5% or more in the company or Share Class.
The aim of establishing the BO register it to have a repository register of natural persons who own or exercise control over legal companies, to assist law enforcement with relevant information during investigations of who the ultimate owner of a company are; and to mitigate risk assessment where legal persons were identified as prone to abuse for money laundering and terror financing activities.
Therefore, filing Beneficiary Ownership information at CIPC has become mandatory for businesses completing their Annual Returns as of December 11, 2023. This was announced with Notice number 67 of 2023 by CIPC, which communicated the latest requirements.
All companies registered before May 24, 2023 should complete their BO register as part of their Annual Returns filing process. Companies registered on or after 24 May 2023 must complete their BO register within 10 DAYS on incorporation.
The implications against non-compliance are:
-Company deregistration
-Administrative fines and penalties
-Annual Returns cannot be submitted without BO filing
-Court ordered administrative fine of either 10% of the non-compliance company's turnover or R1 Million, whichever is greater.
The Simply Glorious News is that Tamzar Biz Express (Pty) Ltd, an entity directed by Registered Business Accountant and Tax Practitioner can assist company owners with BO filing service while company directors focus on their business activities. We do all the required documents and we will only ask for your intervention when it is time to sign off the documents. Documents can be sent to you, print, scan and send back to us to finalize the process.
Along with BO filing we provide other business services at affordable prices, which are:
-Annual Financial Statements preparation
-Preparation of Management Accounts
-Company Registrations with 3 days lead time
-Foreign Passport Assurance verification
-CIPC Annual Returns
-VAT registrations
-SARS individual and company tax returns
Reach to us and have peace of mind with all your statutory returns.
Contact: 083 437 3435 | [email protected]
