BRELA orders firms to submit audited accounts, annual returns
DAR ES SALAAM: THE Business Registrations and Licensing Agency (BRELA) has called upon company owners, directors, and secretaries to submit Annual Returns and Audited Accounts to the Registrar of Companies as required by the law.
The call was made in a statement issued by BRELA on Tuesday noting that the demand is a legal obligation required by law under Section 131 of the Companies Act, Chapter 212, 2023 edition.
Additionally, BRELA also called upon foreign companies to submit their annual accounts as the law requires them to submit annual accounts at the end of each calendar year.
“These reports must be submitted to the Registrar of Companies by the anniversary date of the company’s incorporation or any other date chosen by the company and communicated to the Registrar,” part of the statement read.
Moreover, the agency stated that any company that fails to meet the requirement will not be able to process any changes in its records, as any changes submitted will not be processed until the company has filed its Annual Returns.
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BRELA further said that, Annual Returns and Accounts for foreign companies provide an accurate picture of the company, enabling the Registrar to maintain correct records.
“Companies are encouraged to submit their Annual Returns to avoid inconveniences that may arise when submitting various operational changes within the company,” the agency stated
Meanwhile, BRELA also reminded all company owners registered in Tanzania of their legal obligation to submit Beneficial Owner (BO) information for their respective companies.
The agency cautioned that any company registered in Tanzania that fails to submit Beneficial Owner information will not be allowed to conduct any transactions with the Registrar of Companies until the submission is completed.
Restricted transactions include:
- Submission of Annual Returns
- Registration of changes in company particulars
- Requests for company search reports
- Registration of charges
- Perusal of documents
- Requests to restore access rights for lost credentials
- Certification of copies of official documents
BRELA emphasized that the submission of Beneficial Owner information is a legal requirement under Section 469 of the Companies Act, Chapter 212, 2023 edition, as well as the Beneficial Ownership Regulations of 2023, published through Government Notice No. 714 of 22nd September 2023.
