Bipa changes beneficial ownership requirements

The Business and Intellectual Property Authority {Bipa) has made amendments to the Companies Act and the Close Corporations Act.

In a directive published on 24 July, Bipa said these changes concern collecting, storing, and using beneficial ownership information by Bipa.

The amended laws will henceforth be referred to as the Companies Amendment Act of 2023 and the Close Corporations Amendment Act of 2023.

All directors, shareholders, and members of legal entities are now required by law to submit accurate and current records of beneficial ownership information to the registrar.

Additionally, trust and company service providers must register with the Financial Intelligence Centre as an accountable institution before acting on behalf of a company or close corporation, or the formation thereof.

Bipa will be doing targeted awareness and outreach in the various regions from 31 July to 8 August.