Secretarial Services

New Beneficial Ownership Filing Requirements

Caroline Swanepoel
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Important Announcement for all Trusts, Companies, and Close Corporations! To combat financial impropriety and ensure accurate disclosure of beneficial owners, it is now mandatory for Trusts, Companies, and Close Corporations to comply with the Beneficial Ownership Filing Requirements as per recent legislation.

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!