Beneficial OwnershipDecleration

Understanding the FIC requirements and your filing duties

Introduction

Beneficial Ownership (BO) refers to the individuals who ultimately own or control a Company, Close Corporation, or NGO. In Namibia, BO declarations are required by BIPA in compliance with the Financial Intelligence Centre (FIC) under the Financial Intelligence Act.

Who is the FIC?

The Financial Intelligence Centre is Namibia’s agency responsible for combating money laundering and terrorist financing. BIPA coordinates with the FIC to ensure that accurate BO information is recorded and kept up to date.

Why Submit BO Declarations?

Entities must submit BO information during:

  • Initial registration
  • Annual return submissions
  • Material amendments (e.g., changes in members, directors, shareholding)

Since March 2024, if no changes are reported, entities may submit a BO‑2 Form instead of a full BO‑1 Form to confirm that previous ownership remains unchanged.

Worked Examples by Entity Type

Close Corporation (CC)

  • Example: Smith & Co Tailoring CC
    • Files BO‑1 Form at incorporation
    • During annual duties return, updates changes or submits BO‑2 Form
    • Attaches certified IDs for all members
    • BIPA will refuse any application if the BO form is missing or inaccurate

Private Company (Pty Ltd)

  • Example: Velocity Transport (Pty) Ltd
    • Submits BO‑1 Form when registering
    • Every financial year, submits annual duties (e.g. CM23) with BO form
    • If no changes in shareholders or directors, BO‑2 Form is acceptable

Section 21 / NGO

  • Example: Youth for Growth Association
    • Submits BO‑1 Form with incorporation documentation
    • Must also file BO each year together with CM forms and annual returns
    • Submit BO‑2 only if nothing has changed

Filing Timeline & Penalties

  • File BO‑1 within 7 working days of ownership change
  • File annual duties return with BO form by deadline—late filing may incur penalties

Required Documents

📄 Find the form below

  • Certified copy of passport or national ID for each beneficial owner (certified ≤ 6 months old)
  • BO Declaration Form:
    1. BO‑1 Form for new registrations or changes
    2. BO‑2 Form if there has been no change since last filing
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