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Businesses have six more months to smoke out owners in new regulation

By Fredrick Obura | January 27th 2021 at 14:00:23 GMT +0300

NAIROBI, KENYA: The Government has extended by six months deadline for submission of business ownership details to the end of July.

Companies registered under the Companies Act, 2015 and the Companies Act Cap.486 Laws of Kenya (now repealed) are required under Section 93A to prepare and submit a copy of the Beneficial Ownership registers to the Registrar of Companies within 30 days of its preparation and to notify the Registrar within 14 days of any change in beneficial ownership information.

“We had previously issued a deadline of January 31 2021. Having taken note of the progress made in filing these registers and in the spirit of encouraging compliance with the Companies Act, Business Registration Service (BRS) has in consultation with stakeholders granted a final grace period of six months ending July 31,” said Kenneth Gathuma Director General Business Registration Service.

“Failure to comply with this requirement after new deadline makes it an offence to the company and every officer of the company who is in default and such officer will be liable to a fine upon conviction.”

He said BRS has operationalised the e-register for private limited companies and shall progressively operationalise the e-Registers for the other types of companies.

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The disclosure of the beneficial ownership information is a positive exercise that will promote good governance and increase trust in Kenyan companies and ensure greater transparency of company ownership.

This will also support the government in the fight against corruption, money laundering and financing of terrorism.

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