The Business and Intellectual Property Authority (BIPA) of Namibia has officially begun the deregistration of non-compliant business entities, effective immediately and continuing until further notice.

During a stakeholder engagement on beneficial ownership and deregistration held yesterday in Walvis Bay, BIPA’s Client Service Manager, Romancia Shoonga, stressed the importance of all business owners submitting accurately completed Beneficial Ownership forms.

Shoonga warned that failing to declare beneficial ownership could lead to businesses being removed from the official register.

She clarified that as a member state of the UN, Namibia is obligated to comply with the recommendations provided to member states.

Non-compliance with business ownership regulations could result in a grey listing status, which indicates that continued non-compliance may put the country at risk of being labeled as a facilitator of money laundering and terrorist financing.

Such a status, she noted, would deter potential investors, particularly in the promising oil and gas sector.

Ensuring business ownership compliance is vital for demonstrating to the Financial Action Task Force that Namibia adheres to effective laws and enforces them appropriately.

To prevent deregistration and foster a more open and effective business environment in Namibia, all entrepreneurs are urged to take immediate action.