Is a person or company that enjoys benefits from a company even though they may not be a listed owner of the company.

CIPC has defined it as a person or company holding 5% or more beneficial interest or shares in a company.

With a non profit company with members, the members will be the beneficial owners.

In the case of a non profit company without members then the directors will be the beneficial owners.

This is an anti-money laundering measure.

Example 1

My wife has a registered company that I manage. She is not involved in the company decision making or management and I do that. This means that I am a beneficial owner as the profits ultimately end up with me not her.

Example 2

Think of a mango tree planted in your yard that leans over the boundary line with your neighbor. Your neighbor also eats the fruits in season. Would you say they are a beneficial owner of the tree even though it is planted in your yard?

.

The initial deadline was 1 October 2023

After 24 May 2024

1. Any changes in beneficial ownership of a company must be reported within 10 days.
2. Beneficial owners of a newly registered company should be reported within 10 days.