Disclosure of Beneficial Owners

Government Notice No. 391 and No. 386 of 14th May 2021, were published by the Ministry of Industry and Trade, to the effect that all companies are required to disclose beneficial owners.

This is the result of the Amendment of section 2 of the Companies Act, 2002 (the Act) by the Finance Act of 2020 to include the Beneficial Owners as one of the requirements to be reported to the Registrar of the Companies (the Registrar). Following this, the Companies (Beneficial Ownership) Regulations, 2021 (the regulations) came into operation.