Dear Member.

The Stellenbosch Business Forum is committed to keeping you informed about vital developments that could impact on your business. We want to remind you of a significant regulatory update that may affect your operations.

The South African government has recently implemented new legislation concerning Beneficial Ownership, with the aim of promoting transparency, combating financial crimes, and preventing the misuse of legal entities. It is our priority to ensure that you are well-informed about these changes and equipped to navigate them effectively.

Understanding Beneficial Ownership:

Beneficial Ownership refers to the individuals or entities that ultimately hold ownership or control of a company, whether directly or indirectly. This information is crucial for enhancing transparency, preventing money laundering, and deterring illicit use of legal entities.

Mandatory Filing via CIPC:

In line with international standards, the new legislation requires all businesses operating in South Africa to identify and disclose their beneficial owners to the Companies and Intellectual Property Commission (CIPC). This measure aims to strengthen corporate transparency and combat financial crimes.

Your Compliance Matters:

Your compliance with this legislation is vital as non-compliance could result in penalties and legal consequences. To ensure that your business complies with the new requirements, we recommend submitting your company’s ownership structure to CIPC by the extended deadline of Friday, 12 April 2024. Failure to do so by this date will prohibit your company or auditors from filing your Annual Return with CIPC, resulting in non-compliance and penalties.

Need Support:

If you are not sure how to submit your beneficial ownership details to CIPC, we recommend that you request your auditor for assistance.
If the Beneficial Ownership for your company has already been submitted, you can disregard the above information regarding the submission deadline and potential consequences.
We understand that navigating legal requirements can be complex.

Warm Regards,
Stellenbosch Business Forum