Amendments in respect to Beneficial Owner Compliance have been introduced by;

• The Companies(Beneficial Owners)(Amendment) Regulations 2024

• The Partnership(Beneficial Owners)(Amendment) Regulations 2024

• The Trustees Incorporation(Beneficial Owners)(Amendment) Regulations 2024

• The Cooperative Societies(Beneficial Owners)(Amendment) Regulations 2024.

Companies, Partnerships, Trusts and Cooperative Societies are required to file with their respective regulatory bodies, on an annual basis, an updated and consolidated register of their beneficial owners. They are further required to in writing advise on any change or discrepancy in the filed information as soon as the same is brought to their attention.

Companies, Partnerships, Trusts and Cooperative Societies are also required to cooperate with competent authorities in ascertaining their beneficial owners and to that end, designate at least one natural person resident in Uganda for this purpose. Default in this compliance requirement renders the organization and every officer to a daily default fine of twenty five currency points.

The Companies Regulations, 2023 have been amended by the Companies (Amendment) Regulations, 2024 in two material aspects. The first is in respect to Companies with nominee shareholders-these are required to register the particulars of the nominee shareholders and notify the registrar of Companies in the event of any change therein. Noncompliance to this requirement attracts a daily default fine to the tune of twenty five currency points for the company and every officer of the company who is in default.

The Companies (Amendment) Regulations, 2024 have further introduced the requirement to file with the Registrar of Companies, on an annual basis, a register of members of the company. Default in compliance attracts a default fine of twenty five currency points for the company and every officer of the company who is in default. This is in respect to companies limited by guarantee.

The Business Names Registration Rules S.1. 109-1 amended by the Business Names Registration (Amendment) Rules, 2024 by introducing a compliance requirement of the yearly filing of a statement of business continuity for all firms or individuals with a business name registered under the Business Names Registration Act. The effect of non-compliance with this requirement for three consecutive years is commencement by the Registrar of Business Names of the process of removal of the Business Name from the Business Name Register.

The Business Names Registration (Amendment) Rules 2024 also amend the first schedule of the Business Names Registration Rules S.1. 109-1 in respect of fees payable for different registrations.

Introduction of The Partnership (Fees) Regulations 2024 in respect to various matters under the Partnerships Act, 2010.

The Companies Fees (No. 2) Regulations, 2023 were revoked by the Companies (Fees) Regulations 2024. A new scale of fees is provided in respect to different registrations as provided for under the Companies Act.

The Schedule to The Registration of Documents Act, Cap 81 in respect to fees payable amended by the Registration of Documents (Amendment of Schedules) Rules, 2024.