An update on the mandatory submission of beneficial ownership registers with CIPC and FHBC’s offering.

The CIPC received a mandate to request companies to file and update Beneficial Owner Information by completing a Beneficial Ownership Register. FHBC would like to offer our clients the option of submitting its Beneficial Ownership register to the CIPC.

FHBC would like to offer its clients the option of acting as the Statutory address for all company records as stipulated in the Companies Act.

Trustees and Trust Practitioners / Administrators need to comply with the Financial Intelligence Act (FIA) in terms of Section 5 to prevent de-registration of trusts.

It is very important for Close Corporations and Companies to comply with the requirements of the Companies Act and to adhere to the annual mandatory filing of the COR30.1 and COR30.2 or AFS and the Compliance Checklist (where applicable) with CIPC, not to be deregistered, investigated, issued with a Compliance Notice or ordered by a court to pay an administrative fine.

As from March 2020 the CIPC Compliance Checklist is only mandatory for companies with audited and independently reviewed financial statements, and some other amendments were also made in connection with Notice 52 of 2019. Because of the Covid-19 virus lock down, only fully automated services will be available to the public from 01 April until 15 April 2020.

Are you aware of the new requirements from CIPC pertaining to the completion of an Enforcement Compliance Checklist before submitting your company’s Annual Return?

Waarom is dit belangrik om ‘n unieke MOI vir u maatskappy aan te neem? Dit is belangrik, want waar die MOI nie uniek voorsiening maak in die behoeftes van die maatskappy waar die Wet dit toelaat nie, geld die Wet se voorskrifte en moet die maatskappy daaraan voldoen.

Please take note of CIPC Notice 42 of 2018 – MANDATORY SUBMISSION OF AFS VIA iXBRL FORMAT as from 01 July 2018.

The CIPC issued a media release on 31 May 2018 referring to the High Court issuing court orders in favour of the CIPC to impose administrative fines on entities that ignored compliance notices.