Page 51 - Profmark BSA Guide 2025

*‘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.
The information required to be filed and uploaded to CIPC relates to “beneficial
ownership” of the entity – which means an individual who, directly or indirectly

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