Financial Crime World

Public Notice Issued on Filing of Beneficial Owners’ Information in Uganda

The Uganda Registration Services Bureau (URSB) has issued a public notice requiring all companies and limited liability partnerships registered in Uganda to file their beneficial owners’ information with the Registrar of Companies. This move is aimed at complying with the Companies (Amendment) Act (2022) and the Partnership (Amendment) Act (2022), which mandate every company and limited liability partnership to keep a register of its beneficial owners.

What is a Beneficial Owner?

According to URSB, a “beneficial owner” refers to a natural person who has:

  • Final ownership or control of a company/partnership
  • Ultimate control over a company/partnership
  • Conducts transactions on behalf of a company/partnership

The beneficial owner register requires the disclosure of personal information, including:

  • Nature of ownership or control
  • Date they became or ceased to be beneficial owners

Filing Requirements

Entities are required to file their beneficial owners’ information with the Registrar of Companies within 14 days of creating the register. The format and information required to be filed can be accessed on URSB’s website www.ursb.go.ug or at its offices.

Consequences of Non-Compliance

Entities that fail to file their beneficial owners’ information will not have access to further business services. Additionally, URSB reserves the right to institute penalties for entities that fail to comply with filing of their beneficial owners’ information as stated by law.

Notice Extended to Regulators and Stakeholders

The notice has been extended to various regulators, including:

  • Bank of Uganda
  • Insurance Regulatory Authority
  • Uganda Communications Commission
  • Uganda Revenue Authority
  • Financial Intelligence Authority
  • Uganda Wildlife Authority
  • National Bureau of NGOs
  • Uganda Microfinance Regulatory Authority
  • Capital Markets Authority
  • Uganda Insurance Regulatory Authority
  • Uganda Bankers Association
  • Lotteries and Gaming Regulatory Board
  • Uganda Insurers Association
  • Institute of Certified Public Accountants

These regulators are expected to ensure compliance by their members.