Beneficial Ownership Registers - Now Mandatory with CIPC Annual Returns

Since 24 May 2023 company directors and members of close corporations are obligated to lodge a Beneficial Ownership Register plus supporting documents with the Companies and Intellectual Property Commission (CIPC).

JHCO Expert Accounting, Tax and Advisory Firm in Johannesburg

“It is imperative that ALL companies and close corporations ensure compliance with the beneficial ownership filing requirements to ensure good corporate governance and business continuity.” (CIPC)

Following changes to the Companies Act on 24 May 2023, company directors and members of close corporations are obliged to lodge and maintain a detailed Beneficial Ownership (BO) Register, along with a list of supporting documents with the CIPC (Companies and Intellectual Property Commission). This register and documents must also be kept up to date within tight timelines and verified annually.  

Pre-existing companies with their anniversary date after the promulgation of the amended Companies Regulations were required to file their beneficial ownership information with their annual returns. 

Registers for new companies and amendments must be lodged within 10 days. This means that all entities in CIPC’s register must have filed their beneficial ownership information by 24 May 2024 – one year since it became mandatory. 

The Commission, citing a huge number of non-compliant entities that are yet to file their beneficial ownership and/or securities register information, is enforcing compliance by implementing more serious consequences.

Consequences of non-compliance

A new “hard-stop functionality” has been implemented by the Commission. That will prevent any non-compliant entities from filing their annual returns, which brings its own consequences. 

  • The late filing of annual returns will incur penalties.
  • Banks, service providers or customers often require businesses to have up-to-date annual returns before engaging in business.

The Commission will take further and necessary enforcement actions with regards to entities which continue to be non-compliant, such as:

  • investigation into the administration and governance processes of non-compliant business, 
  • issuing of compliance notices; and/or 
  • referral for deregistration and even final deregistration due to non-compliance.

It is also a criminal offence to submit false or incorrect information to the CIPC.

At JHCO, we assist company directors and members of close corporations to ensure they are compliant with the beneficial ownership filing requirements.

JHCO Expertise on Beneficial Ownership Registers

Streamlined Process

JHCO streamlines the entire filing process, saving time and reducing the risk of errors.

Compliance Confidence

We ensure you are compliant with the latest regulatory requirements. Rest assured knowing that your beneficial ownership filings are accurate and up to date.

Information Confidentiality

Our office adheres to the SAICA and SAIPA codes of professional conduct, which mandates strict client confidentiality. This ensures that all client information is protected and handled with the utmost care and professionalism.

Expert Support

Our team is here to help. Whether you have questions about the filing process or need guidance on compliance matters. 

Ongoing Secretarial Support

We provide ongoing secretarial support, to maintain continuous compliance and governance best practices.

Book a 30min introductory meeting to help us understand your business setup/needs and explain how we assist clients of your business size and nature.

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