Category: SARS | Beneficial Ownership Compliant Submission Transparency Applcation
Have you started a business in South Africa, and do you know that you must annually complete your Beneficial Ownership application via CIPC?
WHAT IS BENEFICIAL OWNERSHIP AND WHY IS THIS IMPORTANT?
Beneficial ownership refers to the individuals who ultimately own or control a legal entity. Identifying these individuals is crucial for preventing financial crimes such as tax evasion, fraud, and money laundering.
WHEN MUST YOU SUBMIT A BENEFICIAL OWNERSHIP APPLICATION?
You must submit your BO application:
- Within 10 working days after Registering Your Company
- Before Filing Your CIPC Annual Returns
CONSEQUENCES OF NON-COMPLIANCE
Failure to adhere to beneficial ownership regulations may result in:
- Penalties and fines.
- Flagged as being non-compliant at CIPC and risk of being de-registered.
HERE’S HOW YOU CAN SUBMIT IT YOURSELF:
Step 1: Log Into CIPC e-Services
- Visit CIPC e-Services and log in with your account details.
Step 2: Find the Beneficial Ownership Section
- Look for the Beneficial Ownership submission tab.
Step 3: Enter Beneficial Owner Details
- Fill in the details of all beneficial owners, including:
- Full name
- ID number or passport number
- Percentage of ownership or control
- Contact details
Step 4: Submit & Save Your Records
- Check all your details before submitting.
- Submit the application and keep a copy for your records.
LOOKING AHEAD
As South Africa continues to refine its approach to beneficial ownership, businesses must stay informed and proactive. Ensuring transparency not only mitigates legal risks but also fosters trust with stakeholders.
DISCLAIMER
Nothing in this article and/or post should be construed as constituting tax advice or a tax opinion. An expert should be consulted for advice based on the facts and circumstances of each transaction/case. Even though great care has been taken to ensure accuracy, Tax A Sured (Pty) Ltd does not accept any responsibility for consequences of decisions taken based on this article and/or post. It remains your own responsibility to consult the relevant primary resources when taking a decision.
