This regulation aims to enhance transparency and combat financial impropriety by ensuring accurate disclosure of beneficial owners. So, here's what you need to know:
If your company is registered in May 2023, you must submit a Beneficial Ownership/Interest report within 10 days. For all other companies, it should be submitted alongside the annual return.
There is a change in shareholding through allotment/transfer of shares. In that case:
A. If the new shareholding is a transfer of 10% or more of the issued shares, submit the beneficial interest/ownership report within 10 days of the change.
B. Allotments that give the new shareholder 5% or more of the issued shareholding.
C. If the change happened to a related or non-related person, someone with no existing interest in the company.
D. If the company is a subsidiary of an affected or regulated company.
Should you require any assistance or have any questions regarding the Beneficial Ownership Filing Requirements, our Secretarial Division is just a call away. We're always happy to guide you through the process!