BENEFICIAL OWNERSHIP FREQUENTLY ASKED QUESTIONS (FAQS) – PRIVATE EQUITY

By Alex Mathini Thursday, January 28, 2021
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Following the enactment of the Companies (Amendment) Act, Act No. 28 of 2017 and subsequently the Statute Law (Miscellaneous Amendments) Act, No. 12 of 2019 which made amendments to the Companies Act 2015 (the Act) by introducing section 93A of the Companies Act 2015, companies incorporated in Kenya are required to keep and maintain a register of beneficial owners. The Attorney General through Legal Notice No. 12 of 18th February 2020 published the Companies (Beneficial Ownership Information) Regulations, 2020 to operationalize Section 93A of the Companies Act 2015.

A company is required to lodge a copy of its register of beneficial owners with the Registrar of Companies within thirty (30) days after completing its preparation and (save for public companies), to lodge a copy of any amendment to the register with the Registrar within fourteen (14) days after making any amendment. To enable companies comply, the Registrar of Companies has published a public notice granting companies a grace period of up to 31 July 2021 to prepare and lodge the register of beneficial ownership (the deadline was previously 31 January 2021).

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