Dear Valued Client,
We would like to bring to your attention an important update on a compliance requirement from the Companies and Intellectual Property Commission (CIPC) that may impact your company.
Filing Requirement from CIPC
In accordance with our previous communication, effective 24 May 2023, all companies, including external entities and close corporations, are required by the amended Companies Act to submit Beneficial Ownership or Securities Register information annually, or whenever changes occur. This is vital for compliance with the Act.
CIPC Notice
It has come to our attention that a recent notice was sent out by the CIPC to companies and close corporations stating the requirement to file the outstanding Beneficial Ownership return within 7 (seven) business days from the date of receipt of this notice. Failure to comply will lead to a formal investigation process and the issuance of a compliance notice, and/or a court sanctioned administrative fine.
The CIPC has also confirmed that the notice was sent in error to compliant entities and wishes to advise the companies and close corporations that have complied with the BO filing requirements to ignore the notice erroneously emailed.
Action Required: Filing of Beneficial Ownership Information
We urge you to ensure that your Beneficial Ownership return has been submitted and that your information is current to avoid any disruptions or penalties.
If you have any questions or need assistance with your filings, please do not hesitate to contact us.
Best regards,
C2M Chartered Accountants
