Section 5 of the Beneficial Ownership Act, 2020 (the “Act”) and Regulation 12 of the Beneficial Ownership Regulations, 2020 (the “Regulations”) state that every legal person shall maintain and update a register of beneficial owners in the Form specified in the First Schedule of the Regulations, at the principal place of business of its resident agent.
In accordance with Section 10 of the Act and Regulation 14 of the Regulations, every person, on becoming a beneficial owner in relation to a legal person, shall submit a Declaration of Beneficial Ownership, detailing the registrable particulars of the person in the Form specified in the Second Schedule of the Regulations, within 14 days from the date of becoming the beneficial owner, to the legal person.