Stay compliant with Annual Returns in South Africa by ensuring timely reporting of Beneficial Ownership information. Learn about the new requirements and consequences of non-compliance. Contact InterGest South Africa for expert assistance today.
In a significant regulatory update, the Companies and Intellectual Property Commission (CIPC) of South Africa has implemented mandatory Beneficial Ownership compliance for Annual Returns submissions.
New Requirement Effective from April 1, 2024:
Entities operating in South Africa will be unable to submit their Annual Returns unless they have reported their Beneficial Ownership information.
Consequences of Non-Compliance:
Failure to comply with the Beneficial Ownership reporting requirement carries serious consequences, including penalties for late submission of Annual Returns and potential deregistration of the entity itself.
New Deadline and Enforcement Actions:
Customer Notice 5 of 2024, issued on February 6, 2024, sets a new deadline for Beneficial Ownership reporting. Entities in South Africa are expected to have reported their Beneficial Ownership information by May 24, 2024. After this deadline, the CIPC will take further enforcement actions against non-compliant entities.
Expert Assistance Available:
Given the urgency and importance of Beneficial Ownership compliance, entities are encouraged to act promptly to meet the reporting requirements. InterGest South Africa stands ready to provide expert guidance and support with the submission of Beneficial Ownership information.
Don’t risk non-compliance with the new Beneficial Ownership reporting requirements. Contact Intergest South Africa today to ensure your entity remains in good standing with regulatory authorities.
