The Ministry of Commerce and Industry has mandated all businesses with a commercial register to comply with Ministerial Resolution No. 16 of 2025 by verifying and disclosing their actual beneficiaries through the commercial register portal. Emphasizing the importance of transparency, the Ministry warned that failure to comply could lead to hefty fines ranging from 1,000 to 10,000 dinars.
The Ministry emphasized that identifying the actual beneficiary is a mandatory requirement for the following categories:
- Commercial Register Holders: All entities registered with the Ministry of Commerce and Industry, including sole proprietorships and companies, must identify their actual beneficiary.
- Commercial License Holders: This applies to sole proprietorships and all types of companies, including personal and joint stock companies, regardless of whether the license is active or suspended.
- Legal Entities: Any entity engaged in commercial activity must disclose and register in the beneficial owner system as per Ministerial Resolution No. 16 of 2025.
- Authorized Manager: The manager listed on the commercial license is responsible for accessing the system and disclosing the identity of the actual beneficiary.
It is important to note that certain companies are exempt from registration, including those listed on the Kuwait Stock Exchange or any foreign stock exchange, as well as government-owned companies.
Source: Al Qabas
