The issue of Beneficial Ownership Registers has come up once again. Companies have up to 30th November 2024 to update their Beneficial Ownership Registers or risk facing the consequences for non-compliance. The Beneficial Ownership Register was introduced by the Companies Act 2015 and the Companies (Beneficial Ownership Information) Regulations 2020. The said Act and Regulations make it an offence for a company, and every officer of that company, to fail to comply with this requirement. Directors of a company risk being fined up to Kshs. 500,000/= each and an additional Kshs. 50,000 fine for each day the failure continues, if they fail to update the company’s beneficial ownership register within the stipulated time that lapses on 30th November, 2024. Contact us through the email addresses below for advice on Beneficial Ownership Registers.
For substantive legal advice on preparation of Beneficial Ownership Registers and other legal matters, please contact us through cgmbugua@lexgroupafrica.com and imakena@lexgroupafrica.com
