Who's Your Someone?

Whenever you see a successful business, someone once made a courageous decision.

But who is someone? 

The definition of someone according to the Oxford dictionary is:

someone

/ˈsʌmwʌn/

pronoun

1.

an unknown or unspecified person; some person.

"there's someone at the door"

2.

a person of importance or authority.

"a small-time laywer keen to be someone"

"Someone" became instantaneously significant in South-Africa.

Who's your someone? 

Who is the warm body; the beneficial owner; the ultimate beneficial owner of your company?

Let us explore this:

Background: 

Following concerns expressed by the Financial Action Task Force (FATF) regarding the nation’s shortcomings in the fight against financial crime and money laundering, all Companies in South-Africa must notify the CIPC of their beneficial ownership by October 2023. 

To whom does this apply?

Anyone with more than 5% beneficial ownership within a company or close corporation must submit this information with the CIPC.

Who is a Beneficial Owner? 

A person who “ultimately owns the company or exercises effective control of the company,” whether directly or indirectly, is said to have “beneficial ownership” of that company.

Anyone:

• holding beneficial interests in the securities (shares) of the company
• having control of voting rights
• having control of the right to appoint or remove board members
• having control of beneficial interests in the securities of a holding company of that company
• having the ability to exercise control of a juristic person other than a holding company, a body of corporate or unincorporate persons, a person acting on behalf of a partnership, or a person acting in terms of the provisions of a trust agreement
• having the ability to otherwise materially influence the management of the company

Timing:

This filing is a mandatory component of a company's Annual Returns submission commencing on 24 May 2023, and necessitating completion by 1 October 2023, for all companies. Additionally, any alterations to Beneficial Ownership information must be promptly reported within five days of the modification, effective from this date onward, or on an annual basis if no changes have transpired within a twelve-month timeframe.

Failure to Comply: 

Failure to comply with the registration requirements relating to the beneficial ownership and beneficial interest violates the Companies Act, which may lead to a compliance notice being issued following investigations, penalties and fines as well as possible disqualification as a company director.

Our Approach:

Our proactive team channels our energy into matters we can influence positively. Our unwavering positivity allows us to carry our own weather.

Reach out to us for conspicuous excellent services, and rest assured, our beneficial someone has got your beneficial someone covered, and a bright sunshiny day awaits!