The Registrar-General’s Department (RGD) has introduced the Beneficial Ownership Transparency Regime as part of its company registration processes under the new Companies Act, 2019 (Act 992).
In a press release officially announcing the introduction of the new requirement, the Department instructed that all companies compile, verify and validate their Beneficial Owners before submission of company registration documents to the Department by June 30, 2021.
“One of the purposes for which the Beneficial Ownership Regime is being added to our processes is to ensure that companies know who they are transacting business with,” said the RDG.
“A beneficial owner is an individual and should not be a Company,” added the RDG.
For new and already existing companies, details of their respective Beneficial Owners are to be provided during:
- Incorporation of a Company
- Annual Returns filing
- Amendment of Company Information
- Upon Request by the Registrar
The Department however, cautioned that companies that do not declare their Beneficial Owners or provide false or misleading information to the Department will be sanctioned.
A Beneficial Owner (or Owners) is the individual or natural person who owns, controls and has interest in, or exercises influence over the legal person (or arrangement) or receives substantial benefit from the activities of the company.
Read below details of the RDG’s press release:
Benefical Ownership Register by Fuaad Dodoo on Scribd
