Tax News Update    Email this document    Print this document  

February 13, 2023
2023-0269

Uganda mandates all companies to file beneficial owner's information

On 11 January 2023, the Uganda Registration Services Bureau (URSB) issued a public notice advising all companies and partnerships to submit their beneficial owners' information no later than 30 days from the date of the notice. The URSB is a government body established under Section 3 of the Uganda Registration Services Bureau Act Cap 210 with the mandate, among others, to provide registration services under the relevant laws.

The notice follows the enactment of The Companies (Amendment) Act 2022 and The Partnership (Amendment) Act 2022, which require every company and limited liability partnership registered in Uganda to keep a register of its beneficial owners.

In accordance with the requirements of the Companies (Beneficial Owner) Regulations, 2023 and the Partnership (Beneficial Owner) Regulations, 2023, the beneficial owner register discloses the personal information of the beneficial owners of a company or partnership, the nature of the ownership or control they have in the company or partnership, and the date they ceased to be beneficial owners. The law requires that the notice of creation of the register be given to the Registrar of Companies within 14 days.

The Companies (Amendment) Act 2022 and the Partnership (Amendment) Act 2022 define a beneficial owner as "a natural person who has final ownership or control of a company/partnership or a natural person on whose behalf a transaction is conducted in a company/partnership and includes a natural person who exercises ultimate control over a company/partnership."

Currently, the deadline for filing the beneficial ownership information is 11 February 2023. Failure to file the beneficial Owner's information with URSB attracts a daily default fine of UGX 500,000 (approx. US$136) for the company and every officer of the company who is in default.

____________________________

For additional information with respect to this Alert, please contact the following:

Ernst & Young (Uganda), Kampala

Ernst & Young Société d'Avocats, Pan African Tax — Transfer Pricing Desk, Paris

Ernst & Young LLP (United Kingdom), Pan African Tax Desk, London

Ernst & Young LLP (United States), Pan African Tax Desk, New York

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement