Beneficial Owner
A "beneficial owner" is an individual who ultimately owns or controls a company, either directly or indirectly.
On 29 December 2022, the Government Gazette published the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022 which included amendments to the Companies Act 71 of 2008.
These amendments include the definition of a beneficial owner which is an individual who ultimately owns or controls a company, either directly or indirectly. This can involve owning shares, controlling voting rights, appointing or removing board members, or exercising control over a holding company. Additionally, a beneficial owner may control other connected entities or persons, or materially influence the company's management through other means.
On 29 December 2022, the Government Gazette published the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act 22 of 2022 which included amendments to the Companies Act 71 of 2008.
These amendments include the definition of a beneficial owner which is an individual who ultimately owns or controls a company, either directly or indirectly. This can involve owning shares, controlling voting rights, appointing or removing board members, or exercising control over a holding company. Additionally, a beneficial owner may control other connected entities or persons, or materially influence the company's management through other means.
Updated on: 27/06/2023
Thank you!