Zimbabwe implements UBO regulation
18 March 2021 - The Companies and Other Business Entities Act, as of 13 February 2020, obliges all companies incorporated in Zimbabwe to maintain internal UBO registers and report UBO information to the Registrar of Companies. Key aspects to note:
- All companies incorporated in Zimbabwe are obliged to keep a register of UBOs at the same office at which the register of members is kept;
- The deadline to disclose the UBO by submission of Form 16 is either 30 days from the registration for new entities or 7 days after the law went into force for existing entities;
- Further UBO reporting shall be done within 7 days of any UBO update;
- Any individual holding more than 20% of the company’s shares falls within UBO scope. Provided that the parent company is a listed entity, nominee shareholders with a shareholding of less than 20% are exempted from reporting.