The Office of the Attorney General has announced the extension of submitting the ownership information of businesses in the country.
In a statement on Wednesday, Business Registration Service (BRS) director-general Kenneth Gathuma said that they have received a significantly high number of applications to file Beneficial Ownership Information.
Following the progress made in filing these registers and in the spirit of encouraging compliance with the Companies Act, BRS has in consultation with stakeholders granted a final grace period of six months ending July 31, 2021.
In an earlier communication, the deadline had been indicated to be on January 31, 2021.
“Failure to comply with this requirement after 31st July 2021 makes it an offence to the company and every officer of the company who is in default and such officer will be liable to a fine upon conviction,” Gathuma said.
He said that BRS has first operationalised the e-Register for private limited companies and shall progressively operationalise the e-Registers for the other types of companies.
The public has been advised to be cautious of persons soliciting money to facilitate them in complying with this requirement.
The submission of the beneficial ownership information is free of charge that can be undertaken by any company officer/authorised person online by following the step-by-step Beneficial Ownership Eregister Manual available at the Business Registration Service website.
BRS has said that the register is not accessible to unauthorized persons but only to competent authorities who may use the register upon request in accordance with the law.