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Beneficial Ownership Transparency Regime has been introduced by the Registrar General Department as part of the registration process under the companies act 2019 (act 992).
In a statement signed by the Registrar General, Mrs. Jemima Oware says the reason for the BO Regime in registration processes is to ensure that companies know who they are transacting business with.
The statement indicated that before submission of their documents at the Department by Wednesday, every company must compile its Register of Members including its Bo who must also be verified Bf validated.
The Beneficial Owner is someone or a natural person who owns, control has an interest, or would say exercises influence over the legal person and also receives substantial benefits from its activities.
The Registrar General Mrs. Jemima Oware added in the statement that all existing companies are expected to provide details of their BO during incorporation of the company, annual return filing, amendments of company information, and upon request by the Registrar