Alanba, 19 April 2023: Sources have disclosed the Ministry of Commerce and Industry intends to enforce Kuwait Ministerial Decision No. 4/2023Concerning the Procedures for Specifying the Beneficial Owner in the near future, which outlines the procedures for identifying the “actual beneficiary”.
The ministry is currently arranging a meeting with officials from several relevant departments and leaders to discuss how to implement the resolution.
The sources have noted the decision aims to promote the business environment and improve the country’s economic standing by meeting international standards.
It requires individuals and legal entities in the country to comply with at least minimum registration obligations, including licensing procedures, keeping a record of the actual beneficiary, and maintaining a record of partners or shareholders.
The resolution also aims to establish effective and sustainable mechanisms and procedures for managing actual beneficiary data.
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