How to update Beneficial Ownership of a company (BO)

BENEFICIAL OWNERSHIP E-REGISTER OPERATIONALIZED

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.

To enable Companies to comply, the Service will grant a grace period up to 31st January, 2021 for preparation of Beneficial Ownership registers. A Beneficial Ownership E- system manual is available on the BRS system portal to guide users. A hefty penalty will be charged for non-compliance of the above directive.

The Beneficial Ownership Register will create greater transparency in the ownership of companies in Kenya and support the government in the fight against corruption, money laundering and financing of terrorism.To update kindly login to the Directors account and select the view part as selected ….ie ecitizen account fOR HELP CONSULT THE FOLLOWING EXPERTS