CIPC Beneficial Ownership.
DataGrows helps you navigate new regulatory territory.
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Beneficial Ownership Declaration: A new challenge to overcome.
DataGrows schedules this declaration according to the anniversary of each client’s registration. Capture Beneficial Owner details to create automatic organograms and registers as supporting documents. Keep track of supporting documents by making custom lists per entity type.
All these processes help you and your team understand the submission and achieve a successful application while making a profit.
Frequently Asked Questions.
The beneficial ownership declaration was introduced as a response to South Africa's investment greylisting. It is a way for CIPC to gain transparency regarding the influential parties involved in every organization. This helps combat tax evasion, money laundering, and other issues.
Anyone with more than 5% beneficial ownership of a company or close corporation must be declared to CIPC as a beneficial owner every year along with the company's annual return. Various documents are required for a successful submission. DataGrows helps generate all of these documents and makes it easy to keep them up to date year after year.
The CIPC website offers more information on this, but in short, the following must be submitted to CIPC: a signed mandate, company structure down to the last natural person, securities register, and the details of each person of interest.
Entities will not be able to file their annual return if their beneficial ownership has not been filed. They may also be subject to court-ordered administrative fines.
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