05
Apr
Martin Endjala The Business Intellectual Property Authority (Bipa) has recently issued directives regarding administrative sanctions against non-compliant companies and closed corporations with a financial year end in February 2024, pertaining to Beneficial Ownership (BO) lodgment. According to Bipa spokesperson Ockert Jansen, entities failing to comply with BO lodgment requirements face an initial administrative penalty of N$50,000, along with an additional daily penalty of N$1,000 for each day the contravention persists. Approximately 120,000 businesses are currently listed as inactive, with around 45,000 having met the necessary requirements. “All entities with February 2024 financial year end that have not lodged their beneficial…