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  • Writer's picturePCF

Directors: Prepare and Submit Your Company’s Beneficial Ownership Register

Company directors face further responsibility and administrative burdens. This results from legislative changes introduced earlier this year following South Africa’s grey listing by the global financial watchdog, the Financial Action Task Force. Under the new legislation, directors are required to implement a detailed Beneficial Ownership Register for their companies and submit it to CIPC, along with supporting documents.

The register must be maintained, with beneficial ownership changes recorded timeously and the validity of information confirmed annually. Failure to comply is an offence in terms of the Companies Act and may incur penalties – providing ample reason to get professional help from your accountant. Read more

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