Cap. 565 Art. 11Objective of benefits. Amended: XXXVII.2018.2. Cap. 364.

(1) The intended objective of the benefits provided under this Act are for the facilitation of the transfer of the registered family business from the owners who are family members to other family members within the same family.

(2) Transfers made by family members to family members who are ascendants shall not be eligible for any of the benefits.

(3) Upon receiving benefits it shall not be possible for the registered family business or the family member to transfer or assign in whole or in part the benefits of an incentive granted by virtue of this Act, to any other person or business.

(4) When a registered family business intends to apply for any benefits in terms of this Act or any other law referring to family businesses, the family business shall obtain the issue of an updated certificate from the Regulator attesting that the family business still qualifies as a registered family business in terms of this Act.

(5) The benefits in terms of the Duty on Documents Transfers

Act shall only be granted to a registered family business which has all fiscal returns and contributions duly submitted up to the date of the transfer and the tax due in terms of the Duty on Documents Transfers Act has been paid in full before the transfer takes place.

(6) Any business shall only be eligible to benefit from any incentive, benefit or scheme available to family businesses, that may come into force from time to time, if it is duly registered as a family business.

(7) When granting benefits to family businesses, the Government or any other entity shall consult and may rely on the information contained in the Register established in accordance with article 26 of this Act.