The Ministry of Commerce and Industry (MoCI) announced the start of receiving permits related to the real beneficiary upon requesting registration, amendment, or renewal of the commercial register for commercial companies as of today.
In a statement, MoCI said that this procedure comes within the framework of implementing the provisions of Law No (1) of 2020 regarding the unified economic registry and its executive regulations issued by Cabinet Resolution No (12) of 2020.
The ministry clarified that, as of today, any application for registration in the commercial register wont be accepted, modified or renewed, unless the declaration of the real beneficiary is attached to it or if the submitted permit contains incomplete information.
The MoCI underlined the need for commercial companies to submit a special record of the required information about the real beneficiaries to the Commercial Registration and Licences Department within ten days from the date of the declaration of the real beneficiary, in addition to the obligation to update the required information if any change occurs to it per the requirements of the legislation in force.
The ministry also stressed the need to adhere to the provisions stipulated in Law No (1) of 2020 regarding the unified economic registry and its executive regulations to avoid legal accountability and administrative and financial sanctions.