Registrar Directive 04 of 2024 Administrative Sanctions issued to Non-Compliant Companies and Close Corporations in respective of Beneficial Ownership Lodgment
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REGISTRAR'S DIRECTIVE ee, | eerenee=
ADMINISTRATIVE SANCTIONS ISSUED TO NON-COMPLIANT COMPANIES AND CLOSE
CORPORATIONS IN RESPECT OF BENEFICIAL OWNERSHIP LODGEMENT
01 MARCH 2024
INTRODUCTION
1.Registrar’s Directive 01 of 2023 read together with Registrar's directive 02 of 2024 provides amongst other
things that all registered Companies and Close Corporations, as from 07 August 2023, MUST lodge with the
Registrar up to date and accurate Beneficial Ownership Information at:
© Registration
© an amendment/ update
° the end of the financial year or whichever occurs first
The above-mentioned directives were issued in line with Section 122A (3) of the Companies Act, 2004 (Act
No. 28 of 20024) as amended (“Companies Act”) and Section 16A of the Close Corporations Act, 1988 (Act
No.26 of 1988) as amended (“Close Corporations Act”).
DIRECTIVE
1. According to the records at the Registrar’s office, the entities on the Inactive list have failed to lodge within
the time prescribed, with the registrar up to date and accurate Beneficial Ownership Information as
required under Section 122 A (3) and Section 16 A (3) of the Companies and Close Corporations Acts
respectively.
2. All entities listed on the Inactive list are hereby directed to file with the Registrar the Beneficial Ownership
Information within seven (7) working days from the date of this directive.
3.Failure to comply with this directive, unless good cause is shown, warrants the Registrar to impose the
following penalties:
© an administrative penalty of up to N$ 50 000,
© an additional daily penalty of up to N$ 1000 for each day the contravention continues.
4, Deregistration of the entity after 6 months of continuous non-compliance from the date of being listed.
5.All Beneficial Ownership related information, including the Beneficial Ownership Inactive List referred to
above, may be accessed on our website: https://www.bipa.na/beneficial-ownership or at our office at 3 Ruhr
Street, Northern Industrial Area, Windhoek.
For more information, contact us on: & +264 61 299 44