Page 28 - Profmark BSA Guide 2025

Currently, where a company or CC is required by the Act, or its MOI, to prepare
audited financial statements, it must then also file the latest approved audited
financial statements with CIPC – at the same time as the filing of its annual return.
In an effort to enhance the filing efficiency of these audited AFS, and improve the
quality and consistency of information submitted, CIPC has implemented a digital
reporting system – whereby AFS are filed in XBRL format, rather than in PDF format.
The Compliance Checklist
All companies (not CC’s) whose AFS are either independently reviewed or audited are
required to submit a compliance checklist to CIPC together with their Annual Return
every year. The Checklist requires that the company declare its compliance status
to certain Sections, Regulations and Schedules of the Act, and it is ultimately the
responsibility of the directors to ensure compliance and completion of the Checklist.
Any person who completes it incorrectly or fraudently can be held responsible, and will
be guilty of an offence, and liable to a fine or imprisonment for a period not exceeding
12 months, or to both a fine and imprisonment. The period for which the company
declares its compliance is to be known as its “Compliance Year” , and aligned to the
anniversary date of its incorporation.

The Beneficial Ownership Register
Anyone with more than 5% beneficial ownership of a company or close corporation
must submit to CIPC information relating to the beneficial ownership (BO) of the
entity.
Directors/members are required to file this information with CIPC, 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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