Is Your Company Compliant With The New Legislation?
Are you aware that the government has recently enacted new legislation for close corporations and companies that is intended to improve transparency and responsibility concerning beneficial ownership for registered entities?
The motivation behind the new legislation is to combat financial crimes such as money laundering and terrorist financing.
As of May 24th, 2023, Close Corporations and Companies are required to submit their share register and register of beneficial ownership through the online platform from the Companies and Intellectual Property Commission (CIPC).
Directors of Companies and Members of Close Corporations have been directed to provide detailed information, including names, addresses, and other relevant details, about ultimate beneficiaries. Failure to comply could result in both fines of up to R 10 million and imprisonment for up to 5 years.
Company directors and members must also share details about individuals who control the entity or its assets. This includes directors, top management, and shareholders, until the ultimate owner is a natural person. This information must be filed with CIPC simultaneously with the submission of the Annual Duty or within 10 days following any changes in shareholding or a new registration.
If you have any questions, please know that the CA Trust team is here to provide you with the support you need. Whether it is regarding these submissions or any other aspects of compliance, don’t hesitate to reach out to us. We take pride in our commitment to assisting you, ensuring that your compliance journey is smooth and hassle-free.