The Business Registration and Licensing Agency (BRELA) has issued a public notice on 10 March 2025 to all Companies operating in Tanzania, to Submit company information on beneficial ownership before the 15th April 2025.
The Beneficial ownership concept was brought by the amendment of the Company’s Act 2002 through the Finance Act of 2020, supplemented by the Companies (Beneficial Ownership) Regulations 2023. Beneficial Ownership is an indirect or direct substantial economic interest or benefit or substantial or significant control in a company by a natural person. The need to introduce beneficial ownership regulation in Tanzania comes as a measure to curtail issues of money laundering, exposure of corruption, and illicit financial flow etc.
The filing of Beneficial Ownership Information to the Registrar of Companies is a mandatory procedure, which failure to provide beneficial ownership information is treated an offense under Companies (Beneficial Ownership) regulations 2023, attracting a penalty of 5 million Tanzanian Shillings.
The registrar informs Company Management to take immediate action to comply with the filing of Beneficial Ownership information before the 15th of April 2025 as afterward Companies that fail will not be able to carry out transactions with the Registrar such as Annual Returns, Changes in company particulars, obtaining company status report, registration of charges, perusal, requests for access rights and certification of copies of original documents. This action is justified as the Registrar is empowered under the Companies (Beneficial Ownership) regulations 2023 to refuse to transact or register documents brought by a defaulting company.
Company Beneficial Ownership Information is submitted to the Registrar through a special online platform under the Business Registration and Licensing Agency. The application for Beneficial Ownership is accompanied by a prescribed fee, which upon payment the system sends the application automatically for processing, and afterwards, the Registrar communicates the results, whether it is received or refused with reasons.
This is to inform the company management to take quick action to comply with the submission of Beneficial Ownership information before the 15th of April 2025 to avoid difficulties that may face the company as already promised by the Brela authority that afterward the company will not transact with the registrar.
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