CIPC Implements Stronger Enforcement of beneficial ownership and securities register filings from 1 October 2023

CIPC Notice 53

On 19 September 2023, the CIPC announced that starting from 1 October, there will be heightened enforcement on beneficial ownership reporting.

Background

Mandatory filings for beneficial ownership and securities/beneficial interest registers were introduced on 24 May 2023.

• Existing entities are required to submit beneficial ownership details in sync with their annual report submission dates.
• Newly incorporated companies have a 10-day window post-incorporation to submit their beneficial ownership information.
• In addition, any changes to beneficial ownership information should be filed to CIPC within 10 days of such changes.

Action required

If your entity hasn’t submitted the beneficial ownership details yet, it’s time to act swiftly!

Check out the CIBA Beneficial Ownership guide on your member profile.

For comprehensive instructions, refer to the CIPC User Guidelines for Beneficial Ownership here.

Stay compliant and ensure timely submissions to avoid potential complications!