Ministry of Commerce clarifies the key advantages of the Beneficial Owner Rules

"التجارة" توضح أبرز مزايا قواعد المستفيد الحقيقي

The Ministry of Commerce clarified the key features of the Beneficial Owner Rules, which define the beneficial owner as the natural person(s) with ultimate direct or indirect effective control over a company. The rules aim to enhance corporate transparency and compliance with international requirements, build an accurate database of beneficial owners, unify disclosure procedures with company-formation and annual commercial-register confirmation requests, and provide a guidance manual for compliance. The rules keep the beneficial owner register confidential, accessible only to regulatory bodies and competent authorities, require the Ministry to notify anyone listed as a beneficial owner, and require the Ministry (or liquidator, as applicable) to retain beneficial owner data for five years after a company is deregistered; no fees apply to registering or annually confirming beneficial owner data.

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