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South Africa – CIPC establishes Beneficial Ownership interface
On the 11th of December 2023, the Companies and Intellectual Property Commission (CIPC) in South Africa announced its intention to establish an interface requiring companies to file Beneficial Ownership information before being able to file their Annual Returns.
With effect from the 1st of April 2024, the upgraded CIPC system will validate whether the Beneficial Owner filing is up-to-date.
The risk of non-compliance
Non-compliant entities will receive a warning message along with a link rerouting them to the Beneficial Owner register. Companies will not be able to file their Annual Returns until they submit a Beneficial Owner declaration.
Failure to comply may result in the CIPC initiating an investigation and issuing a compliance notice.
Find out more information about Beneficial Owner reporting requirements in South Africa here.
