The Kenya Business Registration Service (BRS) has issued a directive regarding compliance with beneficial ownership information for companies and Limited Liability Partnerships (LLPs) operating in Kenya.
Here’s a breakdown of the key points:
- Compliance Requirement:
- All companies and LLPs must comply with Section 93A of the Companies Act and Section 31B of the Limited Liability Partnerships Act.
- This requires maintaining an accurate register of your company’s beneficial owners.
- Filing Deadlines:
- Private Limited Companies: November 30th, 2024
- LLPs: Notification on deadline to come.
- Maintaining the Register:
- Companies and LLPs are already obligated to maintain a register of beneficial owners at their registered address.
- Penalties for Non-Compliance:
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- Failure to file the information can lead to:
- Ksh. 500,000 ($3900) fine for initial non-compliance.
- Ksh. 50,000 ($390) daily fine for continued non-compliance.
- Administrative fines for failing to report beneficial ownership changes within 14 days.
- Potential strike off from the Register.
- Failure to file the information can lead to:
Prembly can help! We are committed to keeping you compliant. If you have any questions about this update or need assistance with filing your beneficial ownership information, please don’t hesitate to reach out to our support team.
A detailed guide is available at: Kenya BRS Notice
Stay compliant and avoid penalties. Signup to Prembly Compliance Tracker.
Last modified: October 23, 2024
