The Business and Intellectual Property Authority (Bipa) says it will be deregistering 137 000 businesses if they fail to comply with beneficial ownership requirements.
The mass deregisteration will start on 29 August with 1 000 businesses.
At a press briefing in Windhoek on Thursday, Bipa acting chief executive Ainna Kaundu said the affected businesses have been given enough time to comply with the regulations, and has to face the consequences.
“As from July 2023, all companies and close corporations were required to maintain and submit beneficial ownership information, and we did outreaches to inform the people,” Kaundu said.
Following the directive, entities that failed to file beneficial ownership were placed on an ‘inactive’ list from March 2024.
Beneficial ownership failure is one of the reasons why Namibia has been greylisted.
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