CIPC has incorporated a new process where companies need to submit their beneficial ownership to CIPC. This basically contains the details of any shareholder which holds more than 5% shares in a private company, or has more than 5% membership in a close corporation. This refers to amendments of the companies act 71 of 2008. Failure to submit the information will put the company in violation of the companies act of South Africa. The beneficial ownership falls into 2 categories, namely: Affected companies Affected companies refer to private companies who are controlled by or is a subsidiary of a regulated company. Non affected companies with beneficial ownership This is the…