Ultimate Beneficial Ownership Compliance
Ensure Compliance with CIPC: Lodge Your Ultimate Beneficial Ownership (UBO) Information Today!
Stay ahead of the curve and ensure your company meets all regulatory obligations.
Why Lodge Your UBO Information?
Compliance
Adhering to the Companies Act no.71 of 2008 to maintain good standing.
Transparency
Providing accurate UBO information enhances trust with stakeholders.
Avoid Penalties
Timely submission prevents fines and disruptions to business operations.
New Reporting Requirements
Beneficial Ownership Registration
01
Why Is This Important?
The Companies and Intellectual Property Commission (CIPC) finalized and introduced new requirements for Beneficial Ownership Registration on 29 May 2023, in line with Guidance Note 2 of 2023.
02
Who Must Comply?
- Companies and Close Corporations must now file and register their Beneficial Ownership details.
- Transitional Period: A 12-month window has been provided for businesses to comply.
- Beneficial Owners with 5% or more control in a company must be registered with CIPC.
03
What Needs to Be Done?
- File Beneficial Ownership Information every year with annual returns.
- Update CIPC within 10 business days of any ownership changes.
- Maintain a Beneficial Ownership Register alongside your securities register.
- Submit UBO’s personal details, certified ID/Passport, and Securities (Share) Register.
- Failure to comply may result in penalties!
04
Other Important Compliance Changes
Company Information Updates:
- Changes to directors, addresses, company names, and Beneficial Owners must be filed within 10 business days.
- Failure to do so is non-compliance with the Companies Act.
Director Ineligibility & Disqualification:
The law now expands disqualification criteria for directors linked to:
- UN sanctions
- Proliferation financing activities
- Terrorist financing
- Money laundering
How We Can Help You
Don't let compliance overwhelm you. Contact Randco today for expert guidance!
- Document Preparation – We assist in preparing all necessary documents.
- Filing Assistance – Our team ensures accurate and timely filing with CIPC.
- Ongoing Compliance – Annual maintenance of the UBO register & updates.
- Contact us today to simplify your compliance process!
- Email: deidre@randco.co.za