BENEFICIAL OWNERSHIP
For more information about beneficial ownership, filing requirements, resources and the inactive list, kindly click on the link Beneficial Ownership – BIPA
DEREGISTRATION OF ENTITIES ON THE INACTIVE LIST FOR BO NON-COMPLIANCE
In line with Section 122(A) of the Companies Act, 2004 Section 16(A) of the Close Corporations Act, 1988, entities that fail to submit accurate and timely BO declarations are listed as inactive and face deregistration after six months of continued non-compliance.
An entity that is listed as inactive, is therefore placed on temporary suspension from the Business Register at BIPA and is regarded as non-compliant and as if they are no longer registered. The penultimate sanction is deregistration of such entities after 6 months of non-compliance.
DIRECTIVE ON BO DEREGISTRATION:
On 11 April 2025, the Registrar of Business and Industrial Property issues a Directive, notifying businesses of their non-compliance and that they have been flagged for deregistration. Business entities were given until 16 May 2025 to rectify their non-compliance of face deregistration. The Directive also implored business entities to provide BIPA with an objection by or before this date, should they have grounds on why the business should not be deregistered. Link to Directive BIPA/FIC Directives – BIPA
OBJECTION:
Considering the seriousness of the action that the Registrar takes to deregister business entities, BIPA understands that there might be instances that require consideration by the Registrar for the entities not to be deregistered. To this end, BIPA has established a platform that allows businesses the opportunity to lodge a formal objection against their potential deregistration and to demonstrate valid reasons why the Registrar should not proceed with the action.
All business entities have until 16 May 2025 to submit such objections via objections@bipa.na. Failure to do so will result in the Registrar proceeding with deregistration forthwith.
NOTE:
- The list of finally deregistered companies and close corporations will be published on BIPA’s website at www.bipa.na
- BIPA will also avail the same list to all regulatory and competent authorities, including but not limited to financial institution, government ministries, offices and agencies as well as public enterprises.
RESTORATION:
Entities deregistered due to non-compliance with Beneficial Ownership (BO) requirements may only be restored by following the standard procedures prescribed under the Companies Act and Close Corporations Act.
An application for restoration must be made to the Registrar. All applications for restoration must comply fully with the legal provisions governing such processes.