‘Hidden investor’ database due to go public

By law, a ‘beneficial owner’ is defined as a person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise is the ultimate beneficiary of a share or other securities in a company.

Amendments to the Companies Act from 2018 and 2022 required the identities of beneficial owners of companies to be updated to CIPA’s Online Business Registration System (OBRS), the main online platform where all companies operating in the country are required to register.