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Home News Updates GOVERNMENT MULLS STRETCHING DEADLINE ON COMPANY OWNERSHIP LISTING

GOVERNMENT MULLS STRETCHING DEADLINE ON COMPANY OWNERSHIP LISTING

The government is considering extending a deadline that obligates companies to reveal their beneficial owners.

According to the Director General at the Business Registration Service (BRS) Kenneth Gathuma, the registry has received numerous requests from stakeholders to push the deadline from the already surpassed date of July 31.

At the same time, the BRS notes delays in the processing of pending applications due to the high number of application received in its portal.

The BRS has encouraged entities yet to comply with the directive to submit copies of the beneficial ownership registers to the Registrar of Companies.

Companies with applications lodged on the BRS portal at this time shall be considered to have complied with the initial July 31 deadline while the registry is expected to issue further communication on a potential deadline extension.

Companies are obligated to reveal their ‘true’ owners following a switch to the 2015 Companies Act.

The BRS is mandated with overseeing the operations of the companies’ registry and the overall implementation of the Companies Act of 2015.

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