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THE CONCEPT OF BENEFICIAL OWNERSHIP UNDER THE COMPANIES ACT, 2015

Legal Alert - 8 THE CONCEPT OF BENEFICIAL OWNERSHIP UNDER THE COMPANIES ACT, 2015

QUALIFICATIONS OF A BENEFICIAL OWNER

In accordance with the BO Regulations , an individual qualifies as a Beneficial Owner if they meet any of the following criteria:

1. Holding at least 10% of a company's issued shares, either directly or indirectly.

2. Exercising at least 10% of voting rights in a company, either directly or indirectly.

3. Holding the right, either directly or indirectly, to appoint or remove a company director.

4. Exerting significant influence or control, directly or indirectly, over the company, including those making pivotal strategic decisions affecting the business.

Beverly Mabango

Brian Munyao