Reprieve for firms as the ownership disclosure deadline is pushed back

Reprieve for firms as the ownership disclosure deadline is pushed back

Local firms have earned reprieve following an extension of the deadline requiring entities to make disclosures on their beneficial owners.

The Business Registration Service (BRS) says it has received a high number of applications to file beneficial ownership information prompting it to extend the deadline from the originally planned date of January 31.

Firms registered under the 2015 Companies Act and the Companies Act Cap. 486 (now repealed) have been required to prepare and submit copies of beneficial ownership registers to the registrar of companies.

“Having taken note of 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,” BRS Director General Kenneth Gathuma said in a statement on Wednesday.

The BRS has urged all private limited companies to take advantage of the recently implemented e-register to make the ownership disclosures in the extended term.

The full disclosure of the beneficial owners of firms is geared at promoting good governance while increasing trust and transparency in Kenyan companies.

The government is eyeing the process to plug its war against corruption, money laundering and the financing of terrorism.

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