The Companies and Intellectual Property Commission (CIPC) has announced changes to its system for the filing of annual returns and beneficial ownership information – which introduces mandatory obligations for companies and close corporations for 2024. This is according to experts at the law firm Wright Rose-Innes, who noted the changes were announced in December 2023.
“These new changes will join the filing of the Beneficial Ownership Declaration on the CIPC’s portal and the validation of the turnover of a close corporation or company,” the law firm said. As of 1 April 2024, it will therefore be mandatory to file the beneficial ownership information before you can submit the yearly returns for a company or close corporation unless you have already submitted the beneficial ownership details. Both beneficial ownership information and annual return submissions must be completed on CIPC’s portal to avoid deregistration of a company or closed corporation, the firm added