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Read NowIn 2020, the Bahrain Ministry of Industry and Commerce (“MOIC”) passed Resolution Number (83) of 2020 concerning the Standards, Requirements and Rules to Determine the Ultimate Beneficiaries (“UBO Resolution”), with the aim of prescribing rules and guidelines (“UBO Rules”) with respect to Ultimate Beneficial Owners (“UBO”). The MOIC has also published supplementary guidance and clarification as to the application of the UBO Resolution.
By way of a recap, with the exception of entities which are licensed and regulated by the Central Bank of Bahrain (“CBB“), the UBO Rules apply to all natural or legal persons who are registered with the MOIC and have a Commercial Registration (“CR“) (“Registered Person(s)”). Such will include registered companies as well as branches of foreign companies.
Amongst other obligations, the Registered Person is required to provide the MOIC with all prescribed information and copy documents relating to its UBO(s), and has a continuing obligation to update such information and documents immediately (if applicable) upon a change of UBO(s) or their details. Where there is no change to the Registered Person’s UBO(s), the Registered Person must renew the UBO registration on the MOIC’s online portal.
The UBO Rules prescribe a variety of items of information and documents which are to be submitted by a Registered Person to the MOICT with respect to each of its UBOs including the following:
Where the Registered Person refuses or fails to provide the MOIC with all required information and documents of the UBO(s) or provides incorrect information or documents, the following sanctions may be imposed by the MOIC:
It is important for your Bahrain based businesses to:
As the leading law firm in the Middle East & North Africa Region and with strong corporate structuring experience across all industry sectors in the region, Al Tamimi & Company is well placed to assess the impact of the UBO Rules on your organisation and to assist you with the relevant application to the MOIC to ensure a successful registration of the UBO(s).
If you would like to further discuss the contents of this update, please contact Al Tamimi & Company in Bahrain.
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