{"id":44437,"date":"2022-01-05T14:30:54","date_gmt":"2022-01-05T14:30:54","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=44437"},"modified":"2022-01-05T14:22:03","modified_gmt":"2022-01-05T14:22:03","slug":"firms-get-extension-to-reveal-beneficial-owners","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/firms-get-extension-to-reveal-beneficial-owners","title":{"rendered":"Firms get extension to reveal beneficial owners"},"content":{"rendered":"

Africa-Press – Tanzania. <\/strong><\/span>THE government has issued a six-month extension for all registered companies in the country to submit the names of their beneficial owners to the Business Registration and Licensing Agency (BRELA), after the legal deadline of December 2021.<\/p>\n

The extension was granted by the Minister for Trade and Industries, Professor Kitila Mkumbo, when addressing a news conference in Dodoma, where he used the occasion to announce that the government was set to conduct a national census for all companies in the country to determine those which were active and still dormant so as to come up with a comprehensive decision on the way forward.<\/p>\n

As per the Companies Act 2002, for the company to operate in the country, it should be registered by BRELA. And in order to acquire full registration, among other things, all information regarding the companies ought to be provided, including resumes of owners and shareholders.<\/p>\n

According to the legislation, companies\u2019 information is transparently registered in a special registrar\u2019s book so that any person can obtain information regarding the company at any time.<\/p>\n

According to Prof Mkum- bo, because of public outcry from owners of companies that Dec 31 be extended, the government had decided to extend the period for legal compliance for another six months until June 30, insisting that there would be no more extension after the second chance.<\/p>\n

\u201cAs of January 3, 2022, only 14,026 companies had submitted the names of their beneficial owners since May 2021 when the regulations for the Companies Act which was amended in 2020 came into effect, which was an equivalent to 14 percent,\u2019\u2019 he said.<\/p>\n

According to Acting Director of Companies and Business Names, Meinrad Rweyemamu, the delay in submission of beneficiary owners, as well as submission of improper information, was tantamount to a fine not exceeding 2,500 US dollars from BRELA.<\/p>\n

\u201cIf investigation bodies do its job and find out that the information provided by the companies over beneficiary owners are not true, and if the companies fail to submit names of owners only to find them in court, they are obliged to pay a fine of between 5m\/- and 10m\/- if found guilty.<\/p>\n

Speaking at the event, BRELA Chief Executive Officer, Godfrey Nyaisa said there were over140, 000 active registered companies in the country.<\/p>\n

Regarding the census on all companies in the country, the minister said this was the first time the country was conducting the national census for all companies to identify the registered, active and dormant companies before providing the exact number of companies operating in the country.<\/p>\n

He said the exercise will be conducted by his ministry in collaboration with the National Bureau of Statistics and BRELA.<\/p>\n

According to Prof Mkumbo, the legal requirement to submit names of beneficiary owners was as per the law supposed to be complied by all companies operating inside and outside the country, as those companies operating from outside were supposed to seek for a certificate of compliance from BRELA.<\/p>\n

For More News And Analysis About Tanzania<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. THE government has issued a six-month extension for all registered companies in the country to submit the names of their beneficial owners to the Business Registration and Licensing Agency (BRELA), after the legal deadline of December 2021. The extension was granted by the Minister for Trade and Industries, Professor Kitila Mkumbo, when […]<\/p>\n","protected":false},"author":84,"featured_media":44436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-44437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nFirms get extension to reveal beneficial owners - Tanzania<\/title>\n<meta name=\"description\" content=\"THE government has issued a six-month extension for all registered companies in the country to submit the names of their ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/firms-get-extension-to-reveal-beneficial-owners\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Firms get extension to reveal beneficial owners\" \/>\n<meta property=\"og:description\" content=\"THE government has issued a six-month extension for all registered companies in the country to submit the names of their ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/firms-get-extension-to-reveal-beneficial-owners\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-05T14:30:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2022\/01\/img-61d5a9740fb4a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/firms-get-extension-to-reveal-beneficial-owners#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/firms-get-extension-to-reveal-beneficial-owners\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Firms get extension to reveal beneficial owners\",\"datePublished\":\"2022-01-05T14:30:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/firms-get-extension-to-reveal-beneficial-owners\"},\"wordCount\":501,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/firms-get-extension-to-reveal-beneficial-owners#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2022\/01\/img-61d5a9740fb4a.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/firms-get-extension-to-reveal-beneficial-owners#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/firms-get-extension-to-reveal-beneficial-owners\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/firms-get-extension-to-reveal-beneficial-owners\",\"name\":\"Firms get extension to reveal beneficial owners - 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