In an effort for South Africa's push to exit the FATF greylist, our government has intensified enforcement efforts. Trusts were given a strict deadline of 15 November 2024 to submit their beneficial ownership information or face severe penalties. This article offers essential guidance on identifying and maintaining accurate beneficial ownership records, equipping accountants to help their clients navigate the process and fulfill their legal obligations, thereby avoiding potential sanctions.

Beneficial Ownership reporting brought in terminology that many accountants find confusing. How to identify whether a company is ‘affected’ or ‘non-affected’ has been challenging for accountants. This article aims to clarify these distinctions and guide accountants and businesses through the compliance process.

The Companies and Intellectual Property Commission (CIPC) issued Notice 56 of 2024, highlighting widespread non-compliance by Accounting Officers of Close Corporations (CCs) with mandatory reporting duties under Sections 62(3) and 62(4) of the Close Corporations Act 69 of 1984. These sections require immediate reporting of financial irregularities or contraventions identified in annual financial statements. Failure to comply may result in enforcement actions. The CIPC has set up a dedicated reporting channel via email and issued practice guidelines to ensure Accounting Officers meet these critical legal obligations.

Before you dive into buying an existing business, it's important to know what you're really getting into. Whether you're snapping up assets or buying shares, there are risks that could catch you off guard—like hidden taxes or old legal troubles. In this article, we'll break it all down in simple terms to help you avoid costly mistakes. Curious to know more? Keep reading to make the best choice for your next big business move.

The August 2024 CIPC News Summary is packed with vital updates. Key points include the ongoing investigation into Nova Propgrow and Sharemax, streamlined digital filing for prospectuses, and mandatory beneficial ownership filings to combat financial crimes and boost transparency. Stay informed and compliant with the latest regulations and services with us.

Discover how the latest CIPC update transforms the way businesses in South Africa must report complex ownership structures. Learn about the new rules that ensure transparency by revealing the true owners behind layered entities, and why it's crucial for companies to comply. Don't miss this essential article to navigating the updated Beneficial Ownership Declaration service.

The Public Interest Score (PI Score) plays a crucial role in determining how your business’s financials are reviewed and which accounting rules apply. For both small and large companies, knowing your PI Score is essential for staying compliant and ensuring smooth operations. This article breaks down everything you need to know about calculating your PI Score and its impact on your business.

The July 2024 CIPC News Summary brings vital updates that no accountant should miss. From how to avoid delays in reinstatement applications to mastering the new alternative enquiry processes, staying ahead is key. Companies are reminded to rotate auditors every five years—it's more than just compliance, it's about maintaining integrity. Business rescue practitioners, your timely monthly reports are now more important than ever. Plus, with the Companies Amendment Bills recently signed into law, big changes are coming to South Africa's corporate governance landscape. Now is the time to get informed and stay ahead of the curve.

The changes to Companies Act effective 26 July 2024 bring important updates that affect how companies are managed and comply with laws. Accountants need to understand these changes, especially the new rules about pay reporting and compliance for private companies, to ensure their clients follow the law and to help them improve their business practices. Stay informed and provide better advice to your clients with our latest article.

The June 2024 CIPC News Summary brings important updates for corporate compliance. Key points include new privacy protections for directors' personal information in public records and the implementation of the ‘hard stop’ functionality when filing annual reports, obliging entities to file beneficial ownership information with their annual returns. These changes are critical for maintaining compliance and operational effectiveness.

The May 2024 CIPC News Summary includes essential updates for effective interactions between customers and CIPC. It covers the importance of using correct payment references, a new recycling initiative for confiscated counterfeit goods, updates on the electronic appointment and resignation of auditors, and detailed guidelines for the Foreigner Assurance Service. This update is crucial for maintaining compliance and leveraging CIPC's services efficiently.

Explore the critical changes in South Africa’s anti-corruption laws, including the introduction of a new PRECCA offense and practical compliance advice, as discussed by Nicolaas van Wyk and Edward James on the Accounting Weekly podcast.

Discover the latest updates from CIPC for April 2024, including new procedures for updating customer codes, system improvements, compliance reminders, and streamlined reinstatement processes. Stay informed on critical changes affecting companies and accountants.

In this latest news summary covering March events, we talk about how CIPC managed the cybersecurity breach, swiftly introducing security protocols without any significant data loss. Consequently, we saw the rollout of a stringent new customer verification procedures aimed at bolstering user security. We also talk about the mandatory inclusion of beneficial ownership information with annual returns from 15 April and alternative email communication methods.

South Africa intensifies its battle against money laundering and terrorist financing with the launch of the Beneficial Ownership Register by the CIPC. Aligned with global standards and FATF recommendations, this move marks a significant stride towards transparency and integrity in the corporate sector, aiming to eradicate illicit financial flows and bolster the nation's financial standing on the global stage.

Following a targeted cyber attack on its system, the Companies and Intellectual Property Commission (CIPC) is taking decisive action. The breach was swiftly contained and led to no visible data loss. CIPC is now enhancing digital defenses by rebuilding the compromised system and introducing additional security measures, including mandatory password verifications for users. These steps underscore CIPC's commitment to cybersecurity and the safety of stakeholder information.

In our latest article we give you a summary update for the month of February covering key developments including efforts of CIPC to maintain corporate compliance, pivotal court rulings enhancing transparency, to the launch of services aimed at safeguarding intellectual property rights. We also share insights on addressing security breaches effectively to protect sensitive data. Plus, find out about educational opportunities that sharpen expertise in the intellectual property domain. This concise overview ensures you're well-informed on developments crucial for business and legal compliance.

This article provides an overview of the recent CIPC updates discussed in the stakeholder meeting on 27 February 2024, including beneficial ownership reporting and foreign assurance automation. It offers practical advice for accountants to navigate these changes, ensuring compliance and guiding their clients through the regulatory landscape.