08 Oct 2020

Companies and Intellectual Property Authority (CIPA) has reviewed the Companies Act to include beneficial ownership in company shareholding. 

Speaking to Parliament’s  governance and oversight committee on Wednesday, CIPA acting registrar general, Ms Keitseng Monyatsi said given that the country was currently grey listed, CIPA found it fit to assess its operational processes to bridge any gaps that lead to organisational inefficiency. 

“In light of this, we have amended the Companies Act to reflect that it is now a requirement for shareholders to disclose who the beneficial owners of shares in a company are,” she explained. 

Ms Monyatsi also said CIPA’s mandate covered four areas, namely incorporation of companies, registration of business names, protection of industrial property rights and protection of literary and artistic works. 

She indicated that the mandate was driven through the Strategic Plan 2015/2021 and CIPA was currently in the process of developing a Strategic Plan for 2021-2025. 

Ms Monyatsi also highlighted the Online Business Registration System as a key project that the organisation had achieved under the company’s mandate. 

She stated that the system had improved access to companies and business names registration services, including turnaround times of services offered by the organisation. 

“We also believe that the system will improve the country’s ranking on Ease of Doing Business by the World Bank and as CIPA we contribute to the starting of a business,” she said. 

Ms Monyatsi further said the deadline for re-registration was extended to December 2. 

Meanwhile, Members of Parliament applauded CIPA for its organisational transformation and processes. 

Furthermore, Selebi Phikwe West MP, Mr Dithapelo Keorapetse wanted the acting registrar general to enlighten the committee on the types of models that the organisation was developing to become self-sustained in the future. 

Touching on the technical device fund levy, MP Oneetse Ramogapi of Palapye wanted to know when CIPA would disburse the funds to creative artists and how much revenue the fund had generated. Ends