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New Ultimate Beneficial Owner Public Notice issued in Uganda
All entities (including branches and representative offices) registered in Uganda are required to submit Ultimate Beneficial Owner (UBO) information within 30 days according to a public notice released by the Uganda Registration Service Bureau.
Every company and Limited Liability Partnership registered in Uganda is required to maintain a registry of its beneficial owners under the Companies (Amendment) Act (2022) and the Partnership (Amendment) Act (2022). The Registrar of Companies must be notified of the creation of the register within 14 days, according to the law.
With only two exceptions—where the register is created from another office of the business or if another person is arranged to make the register—as long as the register is kept within Uganda, the register must be kept at the entity’s registered office. Within 14 days of its formation, a register is submitted to the registrar, and within 14 days of any change in location, a notice of the new location is provided to the registrar.
The company and each officer of the company are subject to a daily default fine of twenty-five currency points, or the equivalent of five hundred thousand shillings, for failure to create the register or comply with any of the aforementioned established requirements.
Companies or partnerships will also be prohibited from registering in any other ways until they have given UBO information.
