URSB To Amend Law For Easy Identification Of Business Owners

Secrecy in company registration in Uganda could become something of the past if Uganda Registration Services Bureau (URSB) follows up it’s promise of setting up a beneficiary ownership registry in the next 6 months.

The Uganda Registration Services Bureau (URSB) has sought amendment to the company law to end so that a true owner behind any registered company will be required to be known.

Caroline Negesa a legal expert at URSB said that with this new proposal, identification of company owners will be very easy.

“If the shareholders are XYZ, when you sign up your beneficiary ownership form, you are saying that XYZ is the same human person behind the ownership because most people usually put up shell companies and they go behind them and you don’t know the human person behind it.”

” So the beneficiary ownership is all about that. The company’s act does not currently provide for beneficial ownership but we are in the process of amending this act to be able to provide for beneficial ownership so that we have this registrar in place and then we shall be able to ask our clients to file the beneficial ownership,” she said.

URSB says that they are hoping to benchmark the 16th corporate registrars forum 2021 on how other nations like the United Kingdom are dealing with beneficial ownership.

Meanwhile the Bureau says that their efforts in growing formalisation of companies through their digital platform even during the pandemic is at 70%.

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