The Kenya Companies Beneficial Ownership Information Regulations, 2020 requires all companies to disclose details of all the shareholders for the register held at the Companies Registry.
The Companies Act defines a beneficial owner as “the natural person who ultimately owns or controls a legal person or arrangements or a natural person on whose behalf transactions are conducted, and include persons who exercise ultimate effective control over a legal person or arrangement.”
Who is a Beneficial owner of a company
A beneficial owner is a natural person who directly or indirectly:
- Holds at least ten percent (10%) of the issued shares of the company.
- Exercises at least ten percent (10%) of the voting rights in the company.
- holds the right to appoint or remove a director of a company.
- Exercises significant influence or control over a company.
Significant influence or control under the regulations means participation in the finances or financial policies of the company.
Information of Beneficial Owner .
Every company shall keep a register of its members which shall include information relating to beneficial owners of the company. The register of members should contain the following information:
- The names and addresses of the members.
- The National ID Card Number or Passport Number.
- The KRA PIN.
- Nationality and Date of Birth.
- Contact information including Postal Address, Residential Address, Current Phone Number, Current Email Address.
- Nature of Ownership or Control, and any other information the Registrar may require from time to time).
- The date on which each person was registered as a member and any beneficial owners, if any.
- The date on which any person ceased to be a member.
A company shall lodge with the Registrar, a copy of its register of members including information relating to beneficial owners, if any, within thirty days after completing its preparation and A company other than a public liability company shall lodge with the Registrar a copy of any amendment to its register of members within fourteen days after making the amendment.
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