The Business Registration Service (BRS) in its mandate to oversee operations of the Companies Registry and the overall implementation of the Companies Act, 2015 has operationalized the Beneficial Ownership E-Register
Section 93A of the Companies Act, 2015 (“the Act”) and the Companies (Beneficial Ownership Information) Regulations, 2020 require all companies registered under the Act to keep a register of its beneficial owners and lodge the same with the Registrar of Companies.
Consequently, all officers and authorized persons of existing companies are required to comply with the above provision of the Act and submit a copy of the Beneficial Ownership Register within 30 days of its preparation and to notify the Registrar within 14 days of any change in Beneficial Ownership information. Failure to comply with this requirement makes it an offense to the Company and every officer of the Company who is in default.
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