Kampala, Uganda - In an effort to assist business owners in overcoming the economic challenges triggered by the Covid-19 pandemic, the Business Recovery Series 2023 was launched in February. As part of this series, the Global Entrepreneurship Network (GEW) Uganda partnered with Enterprise Uganda to provide entrepreneurs with valuable advice and guidance. In a recent online session, renowned financial lawyer Moses Ngorok shed light on the key changes in company law, emphasizing the need for businesses to remain compliant with the new regulations.
The presentation, titled "Key Changes in Company Law: Is your Business Compliant," featured Moses Ngorok, a well-established legal professional with decades of experience. The session, organized by the Uganda Registration Services Bureau, aimed to educate business owners on the upcoming changes in company law in Uganda and ensure their understanding and compliance with these new laws.
During his presentation, Moses provided a comprehensive overview of the recent laws and amendments to the Companies Act, along with other significant compliance requirements. He highlighted the Companies (Amendment) Act, 2022, the Anti-Money Laundering (Amendment) Act, 2022, the Partnerships (Amendment) Act, 2022, and various other regulations that entrepreneurs must be aware of.
A focal point of Moses' discussion was the concept of beneficial ownership. He defined a beneficial owner as a natural person who ultimately owns or controls a company, or conducts transactions on the company's behalf. Moses emphasized the new laws that require every registered company and Limited Liability Partnership in Uganda to maintain a register of their beneficial owners. This register should disclose personal information, ownership or control details, and dates of becoming or ceasing to be a beneficial owner. Non-compliance with these regulations can result in fines of up to two percent of the company's annual gross turnover.
In addition to beneficial ownership, Moses also discussed the importance of data protection and privacy regulations for companies in Uganda. He highlighted the enactment of the Data Protection and Privacy Act, which aims to protect individuals' privacy and regulate the collection and processing of personal information. Compliance requirements include registering with the Personal Data Protection Office, appointing a Data Protection Officer for companies handling "large" or "sensitive" information, filing annual reports on data protection, and establishing a Data Protection and Privacy Policy.
Throughout the session, Moses emphasized the significance of compliance with the new laws and regulations. He warned attendees about the potential penalties for non-compliance and urged them to take proactive steps to ensure their businesses remain compliant. Moses encouraged business owners to seek guidance from legal experts like himself, emphasizing the availability of support and assistance in navigating the evolving legal landscape.
The session was met with enthusiasm and appreciation from the audience, who praised Moses for his clear explanations and practical advice. Attendees left the session equipped with a better understanding of the recent changes in company law and how to ensure their businesses remain compliant, ultimately avoiding potential penalties and legal consequences.
As Uganda's business community continues its recovery journey from the impacts of the Covid-19 pandemic, initiatives like the Business Recovery Series 2023 play a vital role in equipping entrepreneurs with the knowledge and guidance necessary to navigate the evolving legal and economic landscape. Moses Ngorok's informative presentation has undoubtedly contributed to this mission, empowering business owners to make informed decisions and foster a compliant business environment.
