RVN Chartered Accountants Incorporated

No more delaying UBO-filings

If you haven’t heard the latest buzz words – ‘Ultimate Beneficial Ownership Registers’ – give us a call.

On 29 November 2023 the Companies and Intellectual Property Commission (hereinafter ‘CIPC’) issued a notice indicating that, as from 11 December 2023, its systems will no longer allow entities to file their CIPC Annual Returns whilst its beneficial ownership filing with CIPC is outstanding.

All companies and close corporations are legally required to keep registers of their ultimate beneficial owners (hereinafter ‘UBO’) and since 24 May 2023, to file this information with CIPC, together with the entity’s CIPC Annual Return.

If CIPC Annual Returns are not filed timeously, penalties are imposed and CIPC may deregister the entity, due to failure to file returns. CIPC Annual Returns can now only be submitted after filing of the UBO registers and accordingly this legal obligation can no longer be ignored.

To prevent penalties and deregistration, we want to encourage you to make use of our UBO-register filing services. If you have any questions, contact us at compliance@rvn.co.za.

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