NBS Accountants and Tax Consultants

01/01/2025

20/09/2024

CIPC Beneficiary Ownership Declaration simplified.

The Companies and Intellectual Property Commission (CIPC) in South Africa requires companies to disclose beneficiary ownership information. Here are the requirements for CIPC beneficiary ownership declaration:

*Who must file:*

1. All companies, including private and public companies, state-owned companies, and non-profit companies.
2. Close corporations (CCs) and cooperatives.

*What to declare:*

1. Beneficiary owner's details:
- Full names.
- ID number or passport number (for non-South African citizens).
- Nationality.
- Address.
2. Nature and extent of beneficial interest:
- Percentage of beneficial ownership.
- Voting rights.
- Economic interest.

*Requirements for beneficiary owners:*

1. Natural persons who:
- Hold at least 25% of the company's voting rights.
- Have the power to appoint or remove directors.
- Have significant influence or control over the company.
2. Legal entities (e.g., trusts, companies) that:
- Hold at least 25% of the company's voting rights.
- Have the power to appoint or remove directors.

*Documentation:*

1. CIPC Form CoR 39: Beneficiary Ownership Declaration.
2. Certified copies of:
- ID documents or passports.
- Proof of address.

*Filing process:*

1. Submit the declaration electronically through the CIPC website or via email.
2. Pay the prescribed filing fee.

*Consequences of non-compliance:*

1. Fines.
2. Penalty interest.
3. Potential deregistration.

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Employer Recon deadline

Employers, remember to submit your Annual Reconciliation Declaration on or before 31 May 2022. For 50 or less employees, use eFiling to submit declaration, and e@syFile™ for more than 50 employees.
More info: https://bit.ly/3yyQnQC