Your tailored ultimate guide... for Beneficial Ownership disclosure compliance in T&T

Beneficial Owernship disclosure obligations are far reaching and penalties are high

The Companies (Amendment) Act 2019 came into effect in 2019. 

All companies incorporated or continued under the Companies Act, Chapter 81:01, must disclose their beneficial owners.

This means that all companies, with the exception of one type, need to file on an annual basis beneficial ownership information at the Registrar General's Department.

By the 30 of September 2020 all deadlines provided for in the Act will have been surpassed and fines will come into effect if you have not yet complied.

Shareholders, not registered beneficial owners, directors and officers all face potential fines of TTD 10,000, three years in jail, and TTD 300 per day of being late.

Amnesty from penalties in effect until 30 SEP, 2020

Variables you must consider

Your required actions depend on many factors.

Once answered, we can lay out a clear action map.  

  • type of company
  • Who holds shares
  • Shares transfered?
  • your Role in company
  • new shares issued?
  • transfered when
  • your shareholding
  • when shares issued
  • which forms to use

Is this all necessary?

You might be wondering why I do this and is it all really necessary? 

My specialties are governance and strategy. Complying with the law is a minimal requirement. It is necessary but not sufficient for good governance. Through my roles as an executive director, independent director, company secretary and shareholder in a number of companies registered in the Trinidad & Tobago, I have experienced these new requirements from many perspectives. 

I always try to find ways to optimize and automate processes, particularly if they are tedious, complicated, and take away time from more important, value adding activities. 

It took me days to figure this one out. I then took me a week to create a system for producing tailored action maps covering thousands of variations, simply by asking YES-NO questions. I hope that you will save time, easily comply with the law, stay clear of any fines.  I much rather spend time innovating a governance system once rather than doing the same tedious work over and over. 

Note that this does not constitute professional or legal advice. You should consult a lawyer.

Instructions:

  1. watch the introduction video at the top of page & in quiz
  2. click on "start quiz' (on mobile view, sometime you need to scroll back up a bit to see the quiz questions)
  3. to start over, refresh/re-load the entire page (you cannot go backwards in the quiz)
  4. To get guidance for multiple organizations, do the quiz over and use a different email address.

Dr Axel Kravatzky

Syntegra Change Architects Ltd and Tailored Governance


Dr Axel Kravatzky helps governance and strategy leaders innovate with fresh, high standard, 21st Century approaches. He is purpose-driven, experienced and highly qualified (BSc, MSc, PhD from LSE). His passion for working with teams and leaders to make an impact goes back his education at UWC.

He is currently Syntegra's partner leading the governance and strategy practice, lead innovator and guide at TailoredGovernance.com, as well as co-convenor and editor of ISO/TC309/WG1 Governance of Organizations. You can also find him recharging energy in the outdoors - preferably mountains or the sea.

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