Updating beneficial ownership information is crucial for maintaining accurate records and ensuring compliance with regulatory requirements. The Business Registration Service (BRS) in Kenya has provided a straightforward process to help directors or director-shareholders update these details online.
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Below is a step-by-step guide to walk you through the process. By the end of this article, you will know how to comply with the Govrenment regulations pertaining to Beneficial Ownership Information update for companies and organizations in Kenya.
Why Update Beneficial Ownership Information?
Beneficial ownership details help authorities understand who has control or significant influence over a company. Keeping this information up-to-date ensures transparency and prevents the misuse of corporate entities for illegal purposes. Updating beneficial ownership details is not only a compliance requirement but also fosters trust with stakeholders and regulatory bodies.
How to Update Beneficial Ownership Information
Step 1: Log in to eCitizen Account
To start, log in to your eCitizen account at www.ecitizen.go.ke. This must be done through the account of a director or director-shareholder of the company. Use your username and password to access the dashboard.
Step 2: Select the Business Registration Service
Once logged in, navigate to the Business Registration Service (BRS) section. Under “My Businesses,” find the company for which you want to update the beneficial ownership information and click “view.”
Step 3: Choose “Maintain a Company”
On the company’s profile page, select the “maintain a company” option. This will give you access to various administrative actions you can perform on your business.
Step 4: Choose the Beneficial Owners’ Option
In the menu, select the “beneficial owners” option. This section allows you to view and modify the beneficial ownership details for your company.
Step 5: Select Change of Particulars
Choose the “change of particulars” option, and then click on “change of officials” from the list of directors. This allows you to update any specific details associated with beneficial owners.
Step 6: Update Beneficial Ownership Information
Once you’re in the correct section, you can now update the beneficial owner’s information. Make sure to enter accurate details, as this information will be used by regulatory bodies for verification.
Step 7: Complete the BOF1 Form
Download the Beneficial Ownership Form (BOF1), which is required for the update process. Print the form, sign it, and then scan the signed document. Once scanned, upload the document back into the system to complete the update.
Important Notes on Beneficial Ownership Information Update
- Free Service: This update process is entirely free of charge.
- Accuracy: Ensure that the percentage of shareholding is recorded precisely, as the system captures these details for legal purposes.
- Support: For assistance, contact the BRS support line at 011 112 7000.
Conclusion
Updating beneficial ownership information is a simple but vital task to stay compliant with Kenya’s corporate governance standards. Following the steps above will allow you to complete this process smoothly and without incurring any costs. Remember to keep your eCitizen login details secure and double-check the entered information for accuracy.
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By keeping your beneficial ownership information updated, you are playing a part in ensuring transparency and accountability within Kenya’s business environment.
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