Below are a few of the FAQs from our latest Beneficial Ownership Industry Update webinar. If you would like to take another look, or if you were unable to attend, the full webinar is available for your viewing pleasure here.
Will we be able to access the recording afterwards to refer back to?
Yes, a recording is available here.
Can you confirm the due date is 1 October 2023?
The 1 October 2023 date is vague but has been referred to as a “guideline”. As a more realistic timeline, this is the date we are recommending to customers.
I do all the CIPC things for all our companies. Can this ownership details etc be done by myself on CIPC or do we need someone like you to do this?
Yes! Absolutely, you can do it yourself on CIPC. It’s fairly straight forward and free of charge but you will need the supporting documents such as the resolution/mandate to lodge and relevant registers. Legalese can assist with this.
If I have existing share certificates that were issued since 2014 to date (Signed PDF documents) – can I upload these and then issue all future share certificates on your system? Or would I need to re-issue and have signed all existing and canceled certificates?
Yes, you can upload these! However, it’s the shareholder information that will still need to be captured.
Will a mandate/resolution have to be done every year when submitting or how will this work?
Just the original mandate is required unless the filer changes.
When I submit the BO for the subsidiaries, would this include all the individuals and trusts that own the companies that own our holding company?
Correct.
The Trust Property Control Act was also amended and we are also required to submit the UBO to the Master of the High Court for all trusts.
Correct! A topic for a later webinar.
I noticed for the SARS requirement, it says “Initials, Surname, cell no. and email” for Trusts – does this mean that this info is required for each trustee of that Trust?
This is typically a representative of the trust and not all parties.
If all shareholders are individuals, then is the Beneficial Ownership report not due, and just the securities register?
They will be the same and we provide both.
If a company has a foreign shareholder company, and that foreign company has an individual shareholder, that person might not have an ID. Do we then submit their foreign ‘ID’?
Passport number + date of birth + country of origin will be required. Supporting document will then be a notarised passport.
Do Trustees and beneficiaries have to file BO?
Correct – this will be discussed in a future webinar!
Do all ID documents of Shareholders have to be certified?
Correct. Certified or verified.
I have recently taken over a new client who does not have any records of share certificates and share registers from inception till about 2 years ago. He only has the most recent share certificate. How do I go about the history for the full shareholders register?
I would start with their MOI and ask for any current or historical shareholder agreements in order to work out the history and capture this with us.
Is it a requirement that the certification of ID is not older than 3 months or does date not matter in this case?
This is the typical approach, but it isn’t clear.
