BENEFICIAL OWNERSHIP DECLARATIONS FOR TRUSTS

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In South Africa, trust administration is regulated by the Trust Property Control Act, 57 of 1988. This Act outlines two categories of trusts: inter-vivos and testamentary trusts. Inter-vivos trusts are registered with the Master of the High Court in the region where the majority of the trust’s assets are located. Testamentary trusts emerge upon death through the deceased’s will, which is why they are referred to as “testamentary.”

The General Laws (Anti Money Laundering and Combating Terrorism Funding) Amendment Act affects all inter-vivos trusts. Enacted in 2022 and effective from 1 April 2023, this legislation is a key component of South Africa’s efforts to enhance its grey listing status. The Amendment Act aims to increase transparency and limit opportunities for money laundering activities. As per the amendments, trustees must now keep records of beneficial ownership, document accountable institutions’ details, and submit trust beneficial ownership declarations to the Master of the High Court.

WE DELIVER MASTER OF THE HIGH COURT AND SARS COMPLIANCE

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The Amendment Act introduces Section 11A to the Trust Property Control Act (TPCA). According to this section, the trustee must:

  1. determine and document the trust’s beneficial ownership;
  2. maintain a record of the required information pertaining to the trust’s beneficial owners;
  3. submit a register containing the necessary information about the trust’s beneficial owners to the Master’s Office; and
  4. guarantee that the information specified in paragraphs (a) to (c) remains current.’

We support our clients in adhering to the aforementioned compliance obligations, which include submitting documents in the required format to the Master’s office (to meet the demands outlined in point c).

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    DECLARATION COMPLIANCE WITH MMS Entrepreneurial Services Pty Ltd

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    MMS Entrepreneurial Services Pty Ltd provides the expert service of submitting trust beneficial ownership declarations on behalf of our clients, adhering to the required format.

    Applicable fees:

    R2,500 + VAT if all the Trustees and beneficiaries are natural persons.

    R3,500 + VAT if you have a Trustee or beneficiary that is a legal entity.

    Upon approval of the register and before submitting it to the Master, proof of payment must be provided.

    Getting started:
    1. Our custom-designed, user-friendly online portal gathers all the necessary information needed by our team for your submission via our website.
    2. When we receive your trust information, our team begins assembling your register.
    3. After receiving your approval and proof of payment for our fee, the register is submitted.
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