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The Companies (Beneficial Ownership Information) (Amendment) Regulations, 2022

The Attorney General vide Legal Notice No. 32 gazetted the amendments of the Companies (Beneficial Ownership Information) Regulations, 2022. The Regulations are on the disclosure of beneficial owners of a company to complement the Companies (Beneficial Ownership Information) Regulations, 2020.

Under the Regulations, Companies are now required to disclose their beneficial ownership information to the procuring entity, where the company participates in public procurement and assets disposal under the Public Procurement and Asset Disposal Act, 2015; or the contracting authority, where the company participates in a public private partnership arrangement under the Public Private Partnership Act, 2021. Where a company is awarded a contract by the government, then the beneficial ownership information maintained by the Public Procurement Regulatory Authority in the Government Portal, shall be published, and made publicly available.

However, information relating to a beneficial owner shall only be made available to a competent authority, the Public Procurement Regulatory Authority, or the Public Private Partnership Committee upon a written request by the competent authority to the Registrar

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