CIPC NEW BENEFICIAL OWNERSHIP REQUIREMENTS!

ARE YOU COMPLIANT?

The Companies and Intellectual Property Commission (CIPC) released its new Beneficial Ownership Register functionality on its e-services platform on 1 April 2023
This means that now, you are obligated to disclose the beneficial ownership of your company. Or else, you run the risk of being non-compliant.

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Registering, and disclosing your beneficial ownerships through the CIPC is nuanced and can be complex.
With our team of tax attorneys, however, you can focus on your company’s success, whilst we navigate the intricacies of compliance.

These new requirements extend much further though…

If you fall into one of these categories, you will need to take extra care to disclose your beneficial ownership to the CIPC:

Company owners with a turnover of more than R10 million
Family businesses with multi-generational wealth

Large corporate groups with foreign shareholdings and trusts
Beneficiaries of foreign trusts

Let Us Help You

Phase 1: Diagnostic and planning

The first step in this process is to run a diagnostic and assessment of your trust or company structure. From there, our tax attorneys will be able to advise you on the next stages.

Phase 2: Registering through CIPC

Following the diagnostic, our tax attorneys will obtain and draft all the necessary documentation on your behalf:

The Mandate – Which will allow our specialists to act on your behalf to update your information with the CIPC.
Updating the Securities Register – We will update your securities register and issue a shares certificate to ensure it accurately reflects the information reflected on the Beneficial Ownership Register.
The Beneficial Ownership Register – Due to the nuances of registering your company’s or trust’s beneficial ownership, we will do so on your behalf.
Beneficial Ownership Confirmation Letter – We will obtain this letter from CIPC.

Phase 3: Keeping you compliant

Once we have submitted your Beneficial Ownership Register on your behalf, we will assist you in updating your particulars with the CIPC annually, or as and when the information changes.

By following this process with us, you, your company, and your trustees remain will remain compliant.