The Commission wishes to bring to the notice of our esteemed customers that filing of Annual Returns up-to-date and information on Persons with Significant Control (PSC) by entities is mandatory and will be strictly enforced for all processes.
For the avoidance of doubt, sections 417, 773, 822 and 848 of the Companies and Allied Matters Act (CAMA) 2020, makes it mandatory for registered entities to file Annual Returns with the Commission for each financial year.
Section 119 CAMA 2020 also makes it an obligation for companies to file information on Persons with Significant Control (PSC) as defined by section 867and PSC Regulations, 2022.
Henceforth, all entities that are not up-to-date with the above information would not be allowed to process any application or request until same is complied. Appropriate penalties would be invoked against entities that are in default.
This directive shall come into effect from 1 st February, 2023.
Signed:
Management
January 23, 2023