This duty entails accurately identifying a company’s beneficial owners and ensuring their registration in the Register of Beneficial Owners, in accordance with the Register of Beneficial Owners Act. Neglecting to register beneficial owners can lead to rather grave sanctions, such as a prohibition on the payment of dividends. These sanctions were introduced in June 2021. The onus of ensuring that a company’s beneficial owners are correctly registered falls on the company’s executives.
The term ‘beneficial owner’ refers to the natural person who ultimately receives the property’s benefits or who exercises ultimate control over it. It is possible for a single legal entity to have several beneficial owners.
Concerned about the registration of your business’s beneficial owners? Contact us, and we shall resolve the matter collaboratively.
