URSB Sets Deadline for Filing Beneficial Ownership Information

The Uganda Registration Services Bureau (URSB) has issued a public notice requiring all registered companies and Limited Liability Partnerships in the country to submit their beneficial ownership information by January 11th, 2023.

What is Beneficial Ownership?

According to the Companies (Amendment) Act of 2022 and the Partnership (Amendment) Act of 2022, every company and Limited Liability Partnership must keep a register of its beneficial owners. A “beneficial owner” is defined as:

• A natural person who has final ownership or control of a company/partnership
• A natural person on whose behalf a transaction is conducted in a company/partnership

Requirements for Beneficial Ownership Register

The register discloses the personal information of the beneficial owners, including:

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

Entities must notify the Registrar of Companies within 14 days of creating the register.

Filing Requirements and Consequences

Entities are required to file the necessary information with the Registrar of Companies through a form accessible on URSB’s website, www.ursb.go.ug, within 30 days from the date of this notice. Failure to provide beneficial ownership information will result in entities being unable to:

• Make any registrations
• Have their applications processed

Regulatory Bodies’ Role

URSB has requested regulatory bodies such as:

• Bank of Uganda
• Insurance Regulatory Authority
• Others

to ensure compliance by their members.

Don’t forget to file your beneficial ownership information with URSB by January 11th, 2023.