Ministry urges companies to register beneficial owners

• The Ministry of Commerce and Industry emphasized that companies should take advantage of the new legal procedure, which requires all commercial licenses to identify the natural person with actual and final control over the company.

• The ministry seeks to verify the authenticity of commercial, professional, and craft companies, assess their economic strength and activities, and ensure their licenses are genuine.

The Ministry of Commerce and Industry has reiterated its call for all companies and commercial license holders to register their beneficial owners in the commercial register to ensure compliance with legal requirements, according to Al Jarida newspaper.

The ministry emphasized that companies should take advantage of this new legal procedure, which requires all commercial licenses to identify the natural person with actual and final control over the company.

According to responsible sources speaking to Al Jarida newspaper, the ministry aims to monitor commercial licenses, control the market in Kuwait, and determine who benefits from companies’ funds, revenues, and income sources.

The ministry also seeks to verify the authenticity of commercial, professional, and craft companies, assess their economic strength and activities, and ensure their licenses are genuine, including understanding the sources of funds and who works within these companies.

The Ministry of Commerce and Industry has repeatedly emphasized the need to record accurate data on the actual beneficiary in accordance with Ministerial Resolution No. 4 of 2023. This procedure requires business owners to provide the necessary data to the registrants who have ownership in the company.

The procedure for identifying the actual beneficiary must be implemented in all cases, regardless of whether the beneficiary is known or previously listed in the ministry’s records.

The ministry noted that beneficiaries should be registered through the commercial registry portal. This procedure aims to enhance the business environment, strengthen the state’s capabilities and economic position, and improve oversight by addressing suspicious activities and money laundering. It also supports regulatory authorities in achieving these goals.