Notice Regarding the Registration of Beneficial Owner Data
- The Ministry of Commerce has sent notifications to business owners through the government Sahel application to register the correct beneficial owner data, in implementation of Ministerial Decision No. 4 of 2023
- The Decision and this procedure aim to develop the business environment and the State's capabilities and economic standing by strengthening the Ministry's supervisory role, combating suspicious transactions and money laundering operations, and assisting the supervisory authorities in achieving this
- The beneficial owner is any natural person who ultimately owns or exercises direct or indirect control over the customer or the person on whose behalf the transaction is conducted, or the natural person who exercises ultimate effective control over a legal person or legal arrangement, as determined in accordance with Article Five of this Decision
- Business owners are required to disclose the data of persons who hold ownership in the company but do not appear in the Ministry's records, contracts, official documents or database
- The procedure for identifying the beneficial owner must be carried out in all cases, whether the beneficial owner is known and previously mentioned in the Ministry's records or has not previously been declared
Steps for Registering Beneficial Owner Data
Through the Commercial Registry e-services portal ereg.moci.gov.kw
- Select Self-Service
- Go to Add Beneficial Owners
- Enter the commercial registration number of the licence, the entity's civil number or the central number
- Enter the required beneficial owner data in the designated field
- Click Save Beneficiary Data
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