All companies registered with the Uganda Registration Services Bureau (URSB) are required to pre- pare and file Annual returns with URSB in accordance with Sections 132 and 133 of the Companies Act, 2012. Annual Returns show the changes that have been made in the company during the previous year, such as shareholding, membership, directorship and the company’s registered office, secretary, among others.
Companies are required to file this return within forty-two (42) days after the annual general meeting (AGM) for the year as per Section 134(1) of the Companies Act. An AGM must be held once a year and not more than fifteen months should elapse between the date of the last AGM and the next.
Notice issued by URSB
Recently, URSB issued a public notice requiring all companies to comply with their legal obligation to file all outstanding annual returns.
Requirements for filing returns
Before filing the return, there are requirements that must be submitted and pre-requisite fees that must be paid. The requirements and fees vary depending on the type of company whose return is be- ing filed. The requirements and fees are as follows:
Default Fine
If a company fails to comply with this requirement, the company officers shall be held liable to a de- fault fine of Uganda Shillings Five Hundred Thousand (UGX 500,000) and where such default contin- ues for a period of five years, URSB may strike the company off the register.
Therefore, all companies are urged to file their returns with URSB within the specified timelines.
Disclaimer
No information contained in this alert should be construed as legal advice from TASLAF Advocates or the individual authors, nor is it intended to be a substitute for legal counsel on any subject matter. TASLAF accepts no liability for reliance on the information presented in this article. For additional information in relation to this alert, please contact the following.
Stephen Tumwesigye
Managing Partner
M: +256 (0) 774 334 908
E: stumwesigye@taslafadvocates.com
M: +256 (0) 778 980 861
E: foluka@taslafadvocates.com
M: +256 701 810 050
E: suzama@taslafadvocates.com
Benjamen Ayongyera
Legal Associate
M: +256 778 512 680
E: bayongyera@taslafadvocates.com
Nanjobe Ruth
Legal Associate
M: +256 704 604 635
E: rnanjobe@taslafadvocates.com
