Public Notice on Extension of the Deadline for Companies to Submit Information of Their Beneficial Owners as Per the Company (Beneficial Ownership) Regulations

As you are all aware the Companies Act No.12 of 2002 was amended by the Finance Act 2020, introducing the concept of Beneficial Ownership (BO) aligning our identification protocols to international and regional standards. The intention is to “identify the person or persons who ultimately own or control a legal entity or arrangement, such as a company, a trust, or a foundation.”

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General Amnesty to All Employers with Outstanding Arrears of Contributions and Penalty

On 2ndOctober 2021, The National Social Security Fund (NSSF) (“the Fund”)announced to grant amnesty to all employers with outstanding arrears of contributions and penalty. The amnesty is effective from 1stOctober 2021, and it covers all employers of statutory contributions and penalty for the period up to 30thJune 2021 on the following conditions: 16th July, 2021.

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New Incentives for Investment in Zanzibar

Zanzibar spearheads investment in the island as it introduces new incentives for approved investors who have been granted the status of Special Strategic Investor in Pemba following the amendments of the third and sixth schedules of the Zanzibar Investment Promotion and Protection Authority Act (No. 14 of 2018) published in the Zanzibar Government Gazette Vol CXXX No. 6914 of 16th July, 2021.

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Revolutionary Government of Zanzibar Calls for Expressions of Interest for Lease, Development, Operation and Management of Small Islands in Zanzibar(Extended to 30/09/2021)

In its efforts to promote further investment in the Island and the need to diversify the economy of Zanzibar, the Revolutionary Government of Zanzibar (“RGoZ”) has called for Expressions of Interest from investors to invest in the surrounding small islands (“Islets”).

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Beneficial Owners and Company Compliance Requirements

Who is a “Beneficial owner”?

The Companies Act Cap 212 defines a “beneficial owner” as a natural person: –

  • who directly or indirectly ultimately owns or exercises substantial control over an entity or an arrangement;
  • who has a substantial economic interest in or receives substantial economic benefit from an entity or an arrangement directly or indirectly whether acting alone or together with other persons;
  • on whose behalf an arrangement is conducted; or
  • who exercises significant control or influence over a person or arrangement.

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