The Companies and Intellectual Property Commission (CIPC) has announced an important deadline for all companies to register their Beneficial Ownership details. This requirement came into effect on 24 May 2023, under new regulations.

What You Need to Know:

For New Companies:

• If your company was formed after 24 May 2023, you must register your Beneficial Ownership information with CIPC within 10 business days of starting your company.

• Update this information whenever there are changes or do it annually.

For Existing Companies:

• If your company was formed before 24 May 2023, you need to include your Beneficial Ownership information with your annual returns.

• You have until 24 May 2024 to meet this requirement.

Key Dates and What Happens If You Don’t Comply:

• Starting 1 April 2024: CIPC will enforce a strict rule. If you haven’t registered your Beneficial Ownership information:

  • You could face fines.

  • You won’t be able to file your annual returns, which could lead to your company being deregistered.

What Should You Do?

To avoid any penalties or issues:

• Make sure to register your Beneficial Ownership information with CIPC before the deadline of 24 May 2024.

• Don’t delay—take action now to keep your company in good standing.

For more details, visit the CIPC website and make sure all your information is up-to-date