The Companies and Intellectual Property Commission (CIPC) implemented a beneficial ownership register from 01 April 2023 on a voluntary basis. The filing of beneficial ownership interest and securities registers became mandatory from 24 May 2023 upon promulgation of the Amended Companies Regulations. In terms of the amended Companies regulations, entities incorporated after their promulgation thereof, have to file beneficia ownership information within ten business days after the date of incorporation. The same timelines applies with regards to the updating of beneficial ownership records when there are changes.
As of 01 April 2024, the Commission will be introducing a hard-stop functionality that will prevent entities which have not complied with beneficial ownership filing requirement from completing the process of filing their annual returns.
We urge all clients that have not complied with the regulations set forth by CIPC to urgently contact us in order for us to compile the necessary information and submit the documentation on your behalf to CIPC.