Windhoek: Approximately 141,000 businesses are facing the threat of deregistration as the Business and Intellectual Property Authority (BIPA) moves to enforce compliance with statutory beneficial ownership (BO) disclosure requirements. BIPA announced the commencement of this phased deregistration process, targeting entities that have not adhered to the legal obligations.
According to Namibia Press Agency, the deregistration initiative stems from amendments made to the Companies Act of 2004 and the Close Corporation Act of 1998, which took effect in July 2023. Prior to this enforcement action, BIPA conducted extensive public awareness campaigns using various media outlets and outreach programs to inform business owners of their compliance responsibilities.
A statement from BIPA revealed that a directive was issued in April, notifying non-compliant business owners of the impending risk of deregistration. The deadline for compliance was set for 16 May 2025, following the directive issued on 11 April 2025.
The statement emphasized that deregistration poses significant legal and financial risks to affected entities. Potential consequences include the loss of contractual agreements, particularly those tied to public procurement, potential limitations or closure of business bank accounts, reduced investment opportunities, and increased exposure to legal challenges.
BIPA urged non-compliant businesses to act swiftly, stressing the severe implications of deregistration. The authority called upon these entities to submit their beneficial ownership information promptly to ensure adherence to the regulatory requirements.