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How we can help you
As of 16 October 2023, trustees are required to comply with new regulatory obligations. Failure to comply may result in penalties of up to R10 million and/or imprisonment for up to 5 years.
Our easy-to-use platform is designed specifically for trustees and business owners who want to stay compliant without the stress and administrative burden.
When you register on our platform, we partner with you to ensure everything is handled correctly and efficiently — giving you peace of mind that your legal obligations are covered.
We are happy to assist you, including support with completing your Trust Closure documentation.
Navigating Trust Closures in South Africa
Navigating trust closures in South Africa has become a critical business imperative due to increased regulatory pressure from the Financial Action Task Force (FATF) and local authorities. Legal Entity Management Systems (LEMS) provides a specialized service designed to streamline the complex process of deregistering dormant or obsolete trusts, allowing trustees to avoid heavy penalties and compliance lapses.
Here is a breakdown of how to navigate trust closures with LEMS:
Why close a trust?
Save money: Prevent annual & other ongoing administrative costs. Prevent legal penalties.
Regulatory Scrutiny: FATF grey listing has pushed South Africa to intensify oversight, even on dormant trusts.
Trustee Liability: Trustees remain accountable for compliance regardless of activity.
Complexity & Time: Closing a trust on your own can be laborious with multiple reverts, long queues & complex legal hurdles.
We Simplify the Process
Quick Quote: A simple 7-question Quick-quote give us the opportunity to understand your requirements & revert speedily.
Easy Onboarding: 16-question e-form electronically kick-starts the process.
Full Management: Our internal team handles the process end-to-end. Prepping, cover-letters, couriers & multiple government document interactions.
Secure portal: Sign & upload into your bespoke trust portal. We handle it from there!
Business-Smart Trust Closure
Risk Mitigation: Avoid non-compliance penalties
Efficiency: LEMS cuts what can be an arduous process into a manageable timeframe & removes all complexity
Expert Guidance: A blend of Tax, Six-Sigma & Tech expertise positions us to close your trust efficiently & quickly.
Information Station
Legal Insights & Articles
South African law firm faces hefty compliance fines, as SA battles to get off grey list
A law firm faces a fine of more than R7.7 million for failing to comply with legislation regarding financial information that must be declared to the authorities as part of South Africa’s efforts to get off the international grey list.
Read Article
Circular 52 of 2023 chief master directive 8 of 23 – beneficial ownership register
The purpose of this Directive is to direct all Masters in the performance of their functions regarding the Master’s duty to keep an electronic Beneficial Ownership register for Trust matters.
Read Article
Navigating trust closures amid South Africa’s grey-listing challenges
As South Africa grapples with the aftermath of its grey-listing by the Financial Action Task Force (FATF), the urgency around compliance has intensified, particularly in the realm of trust management.
Read Article