Regulatory Alerts2026-03-20
Added · Updated
Building Societies Regulations
The Minister of Finance promulgates new regulations under the Building Societies Act, 1986, replacing the 1980 regulations. Registered building societies must pay an annual licence fee of N$25 to the Namibia Revenue Agency by 31 January each year and submit monthly returns by the 21st day of the following month. Applications for registration require a non-refundable fee of N$17,500, while auditor appointments demand specific documentation regarding the engagement partner and audit firm competence. The regulations also establish procedures for the registrar to approve or refuse applications, govern property purchases by officers with a 30-day prior notice requirement, and define a 14-day deadline for lodging appeals to the Minister.