Registrar of Beneficial Ownership (RBO) Enforces New Powers Under Companies Act 2014
The Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies (RBO) has swiftly utilised her new authority under Section 726(i) of the Companies Act 2014. This section permits the involuntary strike-off of companies that fail to file beneficial ownership details.
Warning Letters Issued for Non-Compliance
Warning letters are being sent to the registered offices of companies that have not submitted details of their Ultimate Beneficial Owners (UBOs) or Senior Managing Officials within the required five months post-incorporation.
Dormant Companies at Risk
Companies that have not yet started trading or are inactive due to corporate restructuring may overlook RBO filing requirements. These companies are not subject to the usual banking requirements to be listed in the Central Register of Beneficial Ownership of Companies and Industrial & Provident Societies.
14-Day Response Deadline
The RBO is providing a 14-day response period to these warning letters before proceeding to the next enforcement phase.
Action Required: Review and File
Now is the time to review any companies under your management, especially dormant ones, to ensure they have completed the required filings. If not, take immediate action to comply.
For further information on the Register of Beneficial Owners and how CFI can help, please click here
