08/08/2025
BENEFICIAL OWNERSHIP
Beneficial Ownership (BO) refers to the individuals who ultimately own or control a company or legal entity, regardless of whether they are listed in the official records. Recognising these individuals is vital for promoting transparency, preventing financial crimes such as money laundering and terrorism financing, and maintaining accountability within corporate structures.
Starting from 1 July 2024, a hard stop functionality was introduced that require all companies and close corporations to submit Beneficial Ownership Declarations alongside their Annual Returns. Entities are required to file Annual Returns, Beneficial Ownership Declarations, and a security register and/or beneficial interest register each year within 30 business days following the anniversary date of their incorporation. Entities that are BO non-compliant will not be able to continue and finalise their Annual Return submission, resulting in penalty fees for late submission or ultimately deregistration of the company.
