February 13, 2023
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