Beneficial Ownership FAQs

Beneficial Ownership FAQs

• 22 June 2023
• Accounting
• South African Accounting Academy

The following Questions are provided, with Answers:

1. What is Beneficial Ownership?
2. Who is a Beneficial Owner?
3. Can a company/Trust be a Beneficial Owner?
4. Who can file into a Beneficial Ownership Register?
5. Does a filer need to present a Mandate in order to file the BO information?
6. Is there a limit on the number of Beneficial Owners I can add into the Register?
7. What is the minimum Threshold before a person can be considered a Beneficial Owner?
8. If the details of the BO changes, can the BO filing be done any time?
9. What is an affected company?
10. As a listed company, do I also file BO information with CIPC?
11. As a listed company, do my subsidiaries file BO Information with CIPC?
12. As a listed company, do I file my securities register with CIPC?
13. State Owned Companies, mostly have a Minister as a shareholder, who do I list as a Beneficial Owner?
14. Does the filing of the BO information replace the filing of the CoR39 (change of directors)?
15. How long do I have to file changes to the BO Register after changes take place?
16. From 24 May 2023, how long do we have for all entities to file BO Information?
17. What supporting information will be expected to be filed when filing for BO?
18. After filing the BO Information, and receiving a confirmation certificate, does it mean the filing is complete?
19. If there are no changes to the BO Information during a financial year, is the company expected to file annually?
20. Do I get a reference number for every filing?
21. Is the filing processed immediately, real time?
22. Do I need special software in order to file BO Information?
23. Is the BO Information filed with CIPC going to be used by the Public?
24. Who is allowed to have access to the BO Information?
25. Will access be made available to Law Enforcement Authorities?
26. Why must the BO information be required by CIPC?
27. Is the BO filing process also possible manually?
28. How long before Back Office pronounces on the completeness of a process?
29. What is the format of the supporting information that is filed with a BO filing?
30. What is meant with a members register with regards non-profit companies?
31. Does BO requirements apply to Co-Operatives registered by CIPC?

Click here to access the FAQs:

https://www.cipc.co.za/?page_id=4160#BENEFICIAL-OWNERSHIP-FAQ-link

Relevance to Auditors, Independent Reviewers & Accountants:

• Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators, such as the CIPC.
• When advising clients or performing this function on their behalf, practitioners should be aware of the finer details and FAQs on Beneficial Ownership.

Relevance to Your clients:

• Relevant companies and CCs should be aware of the latest publications and guidance issued by regulators, such as the CIPC.

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