No commercial license without disclosure of “beneficial owner”
The Ministry of Commerce and Industry (MOCI) confirmed that no license will be issued or renewed for all companies with all their entities, sole proprietorships, and closed joint-stock companies if they do not comply with the disclosure of the actual beneficiary through the commercial register portal via the ministry’s website.
The ministry’s official spokesman, Abdullah Al-Harz, told Kuwait News Agency (KUNA) on Monday that the “actual beneficiary” is a new legal procedure that companies and commercial institutions must adhere to identify the natural person who exercises actual and final control over the company.
Al-Haraz added that if companies and institutions subject to the supervision of the Anti-Money Laundering and Terrorist Financing Department do not comply with the disclosure of the actual beneficiary, the financial penalties stipulated in Article (15) of Law No. 106 of 2013 on Combating Money Laundering and Terrorist Financing will be applied as per the Arabic daily Aljarida.
Regarding those concerned with disclosing the actual beneficiary, he stated that all commercial companies registered in the country register the actual beneficiary, except for companies wholly owned by the state and companies listed and subject to the supervision of the Capital Markets Authority.
He stressed the importance of disclosing the actual beneficiary in developing and improving the business environment, raising the country’s ranking in international organizations, and making the country an attractive environment for business and investment.
He pointed out that the purpose of disclosure is to achieve the principle of transparency in economic and financial transactions and to take the necessary measures and procedures to make this information available to law enforcement agencies, judicial authorities and regulatory bodies.
Al-Haraz stated that the data required when registering for disclosure are the name, civil number, email, phone number, address, and passport number for non-Kuwaitis.
He stated that the method of registration to disclose the actual beneficiary is to enter the Ministry’s website “Commercial Registry Portal” and choose “Corporate User” and enter through authentication with the “My Identity” application and follow the steps to complete the process.
