A beneficial owner is always the living, breathing human being who ultimately profits from the company’s activities, or controls the company’s activities. It is never a company, other legal entity, or a nominee/proxy. The Companies Act No 10 of 2017 as read together with the Companies (Amendment) Act No 12 of 2020 defines a Beneficial …
The Minister may, by statutory instrument, make additional obligations and procedures for the determination of beneficial ownership and timely access to beneficial ownership information by the public as per requirement Section 375. The Minister may make rules on beneficial ownership, beneficial owners, and the identification, verification, and disclosure of beneficial ownership as per requirement Section …
Are there any other regulations issued by the Minister relating to Beneficial Ownership? Read More »
According to section 373 of the Companies Act, failure to disclose Beneficial Ownership information attracts a fine of K120,000 upon conviction or to imprisonment for a period not exceeding four years, or both.
Section 270 of the Companies Act states that an annual return must be signed by a director or the secretary and must include updated beneficial ownership information.
Under section 21 of the Companies Act, the Registrar is required to establish and maintain a Register of beneficial owners in manual or electronic form. Pursuant to section 124, the Registrar also ensures that the beneficial ownership of shares is known, ascertained, and verified before the shares can be registered and transacted in accordance with …
Section 123 of the Companies Act states that where the name of a person who is not the beneficial owner, is entered in the register of members as the holder of a share, the person shall make a declaration to the company within such time and in such form as may be prescribed, specifying the …
Section 83 of the Companies Act states that the company secretary is responsible for ensuring that the company maintains and updates information on the beneficial ownership of all the shares of the company and their associated voting rights. Section 83 Further, sections 195 and 198 of the Companies Act states that the board of directors …
Yes. Public companies are required to declare the beneficial ownership of the shareholding in the company
Yes. According to section 299 of the Companies Act, foreign companies are required to declare the beneficial ownership of the shareholding in the country of incorporation on the Application for registration of a foreign company (as a branch).
