Updating Companies Beneficial Ownership Details

Did you know…?

That the Companies (Beneficial Ownership Information) Regulations, 2020 were operationalized with effect from 13th October 2020?
According to the Regulations, a beneficial owner is a natural person who ultimately owns or controls a company. Specifically, a beneficial owner is a natural person who meets any of the following conditions in relation to a company:

a) holds at least 10% of the issued shares in the company either directly or indirectly;
b) exercises at least 10% of the voting rights in the company either directly or indirectly;
c) holds a right, directly or indirectly, to appoint or remove a director of the company; or
d) exercises significant influence or control, directly or indirectly, over the company.
Of note is the fact that the Registrar of Companies has issued a notice requiring ALL companies to update the particulars of beneficial owners and submit a copy of the beneficial owner’s register (the BO Register) by 30th January 2021.

What are the consequences of non-compliance?
The penalty for non-compliance is KES 500,000 per director.

NOW YOU KNOW!
Do not hesitate to contact the undersigned in case you need any assistance to comply with the Regulations.

WAMAITHA GICHAMBA & CO. ADVOCATES
COOL BREEZE GARDENS, OFFICE NO. F, MUTHAIGA
THIKA SUPERHIGHWAY
P.O. BOX 11622-00400
NAIROBI
TEL: +254 731 965 951/ +254719 311 563
EMAIL: wamaitha@wamaithagichambaadvocates.com