0800 007 269 (Toll Free)
Get Compliant from Anywhere, Easy and Fast!
0800 007 269 (Toll Free)

Get Compliant from Anywhere, Easy and Fast!

0800 007 269 (Toll Free)
Get Compliant from Anywhere, Easy and Fast!

Table of Contents

  • Business Compliance

CSD Update: Beneficial Ownership

CSD Beneficial ownership

The Central Supplier Database (CSD) encourages all CSD-registered suppliers to update their beneficial ownership at CIPC as soon as possible.

In the last few weeks, you may have Received an Email from the CSD stating that

“Suppliers who are CIPC registered will no longer be able to capture and maintain ownership information on the Central Supplier Database (CSD).  The CSD will reflect beneficial ownership from CIPC effective 24 May 2024. We encourage all CSD-registered suppliers to update their beneficial ownership at CIPC as soon as possible.”

Central Supplier Database south africa

Overview of the CSD Changes

Effective from 24 May 2024, all CSD-registered suppliers must ensure their Beneficial Ownership information is up to date with the CIPC. This change is part of the effort to comply with the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act of 2022.

What does this mean for CSD-Registered Suppliers?

Suppliers who have not updated their Beneficial Ownership information may face significant challenges, including:

Non-Compliance: Failure to update ownership details may lead to non-compliance with government regulations, which could result in penalties for your business.

Verification Issues: Inaccurate or outdated information can cause verification problems on the CSD, potentially hindering business operations.

Missed Opportunities: Suppliers may miss out on tender opportunities and contracts due to non-compliance or verification issues on the CSD.

Importance of Beneficial Ownership

Understanding and maintaining Beneficial Ownership information is crucial for transparency and compliance. Beneficial Ownership refers to the individuals who ultimately own or control a company. Accurate records are crucial for regulatory compliance and for establishing trust with business partners and stakeholders. Neglecting to file doesn’t just risk non-compliance; it can significantly prevent your company’s growth and reputation in both local and international markets.

 

How Company Partners Can Assist

central supplier database update for beneficial ownership

Don't forget to claim your Free Consultation with a CSD Expert Today!

Claim Your Free Consultation Now

1. Free CSD Update Service

Are you already registered on CSD? 

Get FREE access to our CSD Update service to assist suppliers in updating their Beneficial Ownership information on the CSD.

Our team of experts can help ensure that all your details are accurately reflected in the CIPC records, as well as on CSD, keeping you compliant with the new regulations. View more details below to ensure you meet the necessary requirements…

 

2. Discounted CSD Registration

Not yet Registered on the CSD?

We can assist with your new CSD registration at a discounted rate. Our comprehensive services are designed to make the registration process as smooth and hassle-free as possible.

 

Steps to Update Beneficial Ownership Information

To update your Beneficial Ownership information, follow these steps:
  1. Visit the CIPC Website: Navigate to the CIPC website and search for the “Beneficial Ownership Filing Requirements Guidance Note 2 of 2023”.
  2. Review the Requirements: Understand the requirements and necessary documents for updating your information.
  3. File the Information: Submit your latest Beneficial Ownership information as per the guidelines provided.

For detailed guidance, you can contact Company Partners for personalised assistance.
beneficial ownership with the help of Company-Partners

Benefits of Updating your Beneficial Ownership

Updating your Beneficial Ownership information ensures compliance with Government regulations. This enhances your credibility, and opens up more business opportunities by ensuring your verification process on the CSD is smooth and hassle-free.

In Conclusion

The recent changes on CSD regarding Beneficial Ownership information, highlight the importance of staying compliant with regulatory requirements. Company Partners is here to assist you every step of the way. Take advantage of our Free CSD update service and discounted registration rates to ensure your business remains competitive and compliant.

For more information or to get started with your CSD update, contact Company Partners today on 0800 007 269 (Toll-Free). Our team is ready to help you navigate these changes and ensure your business stays on the right track.

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Speak to a CSD Specialist today for free! Call our Toll Free number 0800 007 269

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