Registrar Ensures Accuracy of Beneficial Owners’ Information for Increased Transparency

New Regulations Mandate Correct Particulars of Beneficial Owners

In a move aimed at increasing transparency in business operations, the Registrar of Companies is now responsible for ensuring that the particulars of beneficial owners provided by companies are accurate. This new regulation is designed to promote accountability and trust within the business community.

Inspection and Copy Requests

Under these new regulations, any person can apply to the registrar to inspect the particulars of beneficial owners using Form 3. The registrar may prescribe the time and conditions relating to inspection of the particulars of beneficial owners. Additionally, a person may also apply to the registrar for a copy or extract from a document containing particulars on beneficial owners of any company using the same form.

Fees Exemptions

Notably, ministries, departments, and agencies of government, including competent authorities, are exempt from paying fees for copies of documents in the register that are required by them in the performance of their functions. This exemption is intended to facilitate cooperation between government agencies and promote the effective implementation of beneficial owner regulations.

The regulations also provide for cooperation between the registrar and other government agencies and regional/international bodies dealing with beneficial owner regulation. This includes exchanging information, enforcing provisions on beneficial owners, and conducting investigations.

Consequences of False Statements

Furthermore, any person who wilfully makes a false statement in any notice or document required by or for the purposes of these regulations is liable to a daily default fine of twenty-five currency points.

Forms and Notification Requirements

The Registrar of Companies has also specified various forms, including Forms 1, 2, and 3, which must be used for notification of beneficial owners’ particulars, change of particulars, and application to inspect particulars of beneficial owners or obtain copies of documents. These forms are designed to streamline the process and ensure compliance with the regulations.

Minister’s Remarks

In his remarks, Hon. Norbert Mao, Minister of Justice and Constitutional Affairs, emphasized the importance of ensuring transparency in business operations and urged companies to comply with the new regulations.

Effective Date

The regulations come into effect immediately, and all companies are expected to comply with them forthwith. It is essential that companies take immediate action to ensure compliance and avoid any potential penalties or fines.