BENEFICIAL OWNERSHIP REGISTRATION FILING DEADLINE – 24 MAY 2024
The Companies and Intellectual Property Commission (“CIPC”) implemented the procedures for filing of Beneficial Ownership declarations and securities/beneficial interest registers on 24 May 2023 upon promulgation of the Amended Companies Regulations, 2023, in accordance with the General Laws Amendment Act 22 of 2022.
As a result of the above, entities incorporated after 24 May 2023 are required to file their Beneficial Ownership information with CIPC within 10 business days from the date of incorporation, and thereafter as and when any charges occur or annually.
However, entities incorporated before 24 May 2023 have had to file their Beneficial Ownership information with their annual returns and now face a hard deadline of 24 May 2024, as this will be the anniversary date of the Amended Company Regulations which made the filing of Beneficial Ownership information mandatory.
From 1 April 2024, CIPC will introduce a ‘hard stop functionality’ which will have significant consequences for entities such as administrative fines. Entities will further be unable to file their annual returns which can result in deregistration and possible withdrawal of the entity by CIPC.
We encourage all entities to file their Beneficial Ownership information with CIPC before the deadline of 24 May 2024.
Should you have any queries or require any assistance, please do not hesitate to contact Nicole Scholtz at Goldberg & de Villiers Inc. – Corporate and Commercial Department on Tel. 041-5019800 | nicole@goldlaw.co.za.
