CIPC Implements Hardstop for Mandatory Beneficial Ownership Filing with Annual Returns Starting July 2024

Effective July 1, 2024, South Africa's Companies and Intellectual Property Commission (CIPC) will implement a hardstop functionality for annual returns to ensure beneficial ownership information filing. This means that all companies and close corporations must file its beneficial ownership declaration and security register or beneficial interest register (as applicable) with their annual returns.

Non-compliance could lead to significant penalties, including possible deregistration. This measure aims to enhance transparency in corporate governance and combat financial crimes. More information and resources are available through the CIPC's dedicated webinars and user guides.