23/07/2024
CIPC BENEFICIAL OWNERSHIP DECLARATIONS? WE CAN HELP!
Did you know?
From 1 April 2024, it will be mandatory to file the Beneficial Ownership information before you will be able to submit Annual Returns.
Mandatory obligations for all companies (external companies, non-profits NPC, personal liability-Inc, private (Pty) Ltd, public companies Ltd and close corporations CC) are required by law to file Annual Returns and Beneficial Ownership (BO) concurrently (i.e within 30 days from incorporation date).
CIPC may take action against the entity, including through investigations into the entity's administration and governance processes, and where necessary, litigate such infractions or the issue of compliance notices, and may be referred for deregistration or even finally deregistered due to non-compliance.
Failure to submit BO information could result in a court-ordered administrative fine of 10% of the non-complying company’s turnover or R1 million, whichever amount is greater.