Company owners in Arusha have been reminded of their legal duty to disclose the true beneficiaries of their businesses, as the Business Registrations and Licensing Agency (BRELA) launched a week-long awareness campaign on beneficial ownership.
The initiative, running from March 2 to 6, targets companies operating in the tourism sector and aims to promote transparency and accountability in business operations.
Speaking during the exercise, BRELA Senior Registration Officer, Mr. Harvey Kombe, said beneficial ownership is a key requirement under Tanzanian law that ensures clarity on who ultimately benefits from a company’s activities.
“Company owners are required to inform the Registrar about the individuals who directly benefit from their businesses. This is crucial for strengthening transparency, preventing illegal practices, and fostering a healthier business environment,” Mr. Kombe explained.
He added that BRELA continues to provide guidance and awareness services to stakeholders, including reminders to submit annual company reports on time, helping businesses avoid legal penalties or administrative complications.
Mr. Kombe emphasized that the inspection exercise is educational rather than punitive. Its main goal is to assist company owners in understanding their responsibilities and correcting any gaps in compliance with the law.
