All companies are required to submit a copy of their beneficial ownership register within thirty (30) days of its preparation onto the E-Register. This process is done online.
A beneficial owner is defined as any natural person who ultimately owns or controls a legal person or on whose behalf transactions are made and includes those persons who exercise ultimate effective control over a legal person or arrangement.
An arrangement is defined as an artificial entity, without legal personality, associating one or more natural or legal persons together in an ownership or control relationship, but without implying that the parties to this arrangement have any other form of collective legal identity. An example of an arrangement is a trust or a contractual arrangement such as voting rights between shareholders.
The Regulations apply to a beneficial owner who, whether directly or indirectly:
i. Holds at least 10% of the issued shares in the company;
iii. Holds a right to appoint or remove a director of the company; and/or
The particulars which a company is required to enter in its register of beneficial owners include:-
All companies incorporated in Kenya (private and non-listed public companies) are required to take reasonable steps to identify its beneficial owners and enter their details in its register of members. It is an offense under the Regulations to unreasonably disclose beneficial ownership details. The offense is punishable by a fine not exceeding KSh.20,000 or imprisonment for a term not exceeding 6 months.
Please contact us at email@example.com or by phone at +254709747555 to update your Beneficial Ownership register.