Page 51 - Nexia SAB&T Business in South Africa Guide 2024

*‘beneficial owner’, in respect of the provisions of a trust instrument, means—
(a) a natural person who directly or indirectly ultimately owns the relevant
trust property;
(b) a natural person who exercises effective control of the administration of
the trust arrangements that are established pursuant to a trust instrument;
(c) (i) each founder of the trust; or (ii) if a founder of the trust is a legal
person, a person acting on behalf of a partnership or in pursuance of
the provisions of a trust instrument, the natural person who directly
or indirectly ultimately owns or exercises effective control of that legal
person or partnership or the relevant trust property or trust arrangements
pursuant to that trust instrument;
(d) (i) each trustee of the trust; or (ii) if a trustee of the trust is a legal
person or a person acting on behalf of a partnership, the natural person
who directly or indirectly ultimately owns or exercises effective control of
that legal person or partnership; and
(e) (i) each beneficiary referred to by name in the trust instrument or other
founding instrument in terms of which the trust is created; or (ii) if a
beneficiary referred to by name in the trust instrument is a legal person,
a partnership or a person acting on behalf of a partnership or a person
acting in pursuance of the provisions of a trust instrument, the natural
person who directly or indirectly ultimately owns or exercises effective
control of that legal person or partnership or the relevant trust property
or trust arrangements pursuant to that trust instrument.

The Companies Act, 71 of 2008
As from 24 May 2023, anyone with more than 5% beneficial ownership of a
company or close corporation must submit to the Companies and Intellectual
Property Commission (CIPC) information relating to the beneficial ownership (BO)
of the entity.
Directors/members are now required to file this information with CIPC, and then
verify the information every year together with the entity’s CIPC annual return. In
addition, if any change is made to the ownership of the entity during the course
of the year, the BO register must be updated within 10 days of the change.
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