caveat legal logo

Clarifying your company’s beneficial ownership filing

Clarifying your company's beneficial ownership filing

24 May 2024 was the hard deadline to file your company’s securities register, beneficial ownership register, and beneficial interests register.

If you have not yet seen to this, you are currently in contravention of the Companies Act, and you will not be allowed to file your annual return. This means you may incur penalties for non-compliance.

Does my business need to file anything?

  • All companies must file their securities register
  • Your private company must file a register of beneficial owners.
  • Your affected private company must also file a register of beneficial interests together with its annual return.

Your company is an affected company if more than 10% of its shares have been transferred in the preceding two years 

The definition of an affected company will change this year, and an affected company will be one that has 10 or more shareholders or one in which annual turnover or asset value exceeds the prescribed threshold (still to be determined).

Is filing straightforward?

Yes – from a process perspective. However, if your shareholding structures are complex, the filing process may create an administrative burden. We have found that the new filing requirements present a challenge for our fund clients with undisclosed limited partners.

Caveat’s Panel Members will help you navigate these regulatory complexities smoothly and commercially.

Share this article on: 

Facebook
Twitter
LinkedIn
Optimized by Optimole