As per the recent implementation of Cabinet Resolution NO 58 of 2020, on the regulation of the procedures of the real beneficiary / Commercial register.
As per this resolution requires the companies registered in the free zones and the mainland to keep a register of the Ultimate Beneficial Owner (UBO) and submit the same information to the relevant authorities.
This resolution is applicable for all the mainland and free zone companies.
Purpose of this resolution is as follows:
First, the functioning of the register (technical aspects, information to be stored, access rights),
Second, the obligations for legal entities to file, store, update and share information on their own beneficial owners, and
Third, the criminal sanctions in case of non-compliance. Prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
Who is the Ultimate beneficial owner (UBO)?
- Any natural person owning or controlling at least 25% of the share capital of the company, whether through a direct or indirect chain of ownership or control, or any natural person having the right to appoint or dismiss the majority of the directors of the company;
- If no natural person meets the first criteria under point ‘1’ or the identity of the beneficial owner is in doubt, the beneficial owner shall be any natural person who manages or administers the company; or
- If no natural person satisfies both conditions above then the natural person who is the senior manager of the company.
The Register should include the information of each Real Beneficiary as follow:
- Full name, nationality, date and place of birth;
- Place of residence, or address to which notifications are sent hereunder; Sensitivity: Confidential
- Passport or ID number, country and date of issue and expiry;
- The basis on which he became a Real Beneficiary of the Legal Person, and the date on which it acquired that capacity;
- The date on which a person ceases to be a Real Beneficiary of the Legal Person.