CIPC News Summary June 2024
Enhanced Privacy for Directors' Information (CIPC Notice 40 of 2024)
CIPC introduced measures to mask personal details such as ID numbers, passport numbers, and addresses in the public records of directors. These changes will apply only when amendments are filed, ensuring that sensitive information is protected while maintaining accuracy in company records.
Mandatory Beneficial Ownership Filing with Annual Returns (Effective 1 July 2024) (CIPC Notice 39 of 2024)
Starting from 1 July 2024, all companies and close corporations must file beneficial ownership declarations and security or beneficial interest registers with their annual returns. This new hard-stop functionality will ensure that annual reports cannot be filed without beneficial ownership information. Non-compliance could result in significant penalties, including possible deregistration.
Update on Reinstatement Process for Deregistered Companies (Notice 16 of 2018 Re-Issued)
CIPC re-issued its guidance on the reinstatement process for companies and close corporations that have been deregistered. According to this Notice, entities must file all outstanding annual returns within 30 business days after the processing of the reinstatement application (form CoR40.5) or face final deregistration once again.
Validity of CM Forms for Companies Incorporated Before 2008 (Guidance Note)
CIPC confirmed that companies established under the Companies Act of 1973 and registered with CM forms remain valid and are considered as if they were incorporated under the Companies Act of 2008. Thus, any CM form issued for these pre-existing companies continues to be valid and binding.
