MOCI starts receiving permits of real beneficiary for commercial firms

MOCI starts receiving permits of real beneficiary for commercial firms

The Ministry of Commerce and Industry (MOCI) announced the start of receiving permits that is pertaining to the real beneficiary on requesting registration, amendment, or renewal of the commercial register for commercial firms as of today.

In a statement, MOCI stated that this procedure comes under the framework of carrying out 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 elucidated that, as of today, any application for registration in the commercial register will not be accepted, modified or renewed, unless the declaration of the real beneficiary is attached to it or if the submitted permit has information that is not completed.

The MOCI highlighted the requirement for commercial companies to submit a special record of the required information about the real beneficiaries to the Commercial Registration and Licenses 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 emphasised the need to stick firmly 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.