Financial Crime World

Filing Beneficial Ownership Information with the Companies and Intellectual Property Commission (CIPC) in South Africa

What You Need to Know

The Companies and Intellectual Property Commission (CIPC) in South Africa requires companies to file beneficial ownership information annually. This guide provides a step-by-step walkthrough on how to complete this process.

Annual Securities Register Filing

  • Affected companies must file their securities register with CIPC annually, which contains information about shareholders.
  • The securities register should be updated regularly to reflect any changes in shareholdings.

Beneficial Interest Register

  • Affected companies must establish and maintain a register of beneficial interest in securities, including the extent of the beneficial interest.
  • This register must be updated as necessary to reflect any changes in beneficial ownership.

Beneficial Ownership Disclosure Form

  • Complex ownership structures, such as those involving juristic persons or trusts, must be indicated on this form.
  • The form requires detailed information about the beneficial owners and their interests.

Uploading Supporting Documents

  • Filers must upload supporting documents, such as:
    • ID copies
    • Passports
    • Proof of address
  • These documents are required to verify the identity of beneficial owners.

Verifying OTPs (One-Time Passwords)

  • Filers must verify their OTPs, which are sent via SMS and email to the filer’s registered contact details.
  • Only mandated filers of an entity will receive both email and SMS OTPs.

Additional Security Measures

  • Summary Page: Ensure that all information provided is true and correct.
  • OTP Verification: Additional security measures are in place to ensure that OTPs are verified correctly.
  • BO Confirmation Certificate: A confirmation certificate will be issued upon successful submission of BO information, which can be downloaded from the CIPC system.

Important Notes

  • Beneficial owners do not need to approve the filing; only the filer with a written and signed mandate to submit on behalf of the entity needs to verify the OTPs.
  • Directors of companies and members of close corporations have due diligence and governance duties to ensure BO-filing is facilitated.

By following these steps, you will be able to file beneficial ownership information with CIPC in South Africa successfully.