MUSCAT : To enhance the business and investment environment in accordance with the principle of transparency and flexibility and in line with international standards to raise Oman’s rating in global indicators, the Ministry has issued the Resolution to regulate procedures for identifying the real beneficiary.
The Ministerial Decision is based on the Anti-Money Laundering and Terrorism Financing Law issued by Royal Decree No. 30/2016, and the Commercial Companies Law issued by Royal Decree No. 18/2019.
The Decision defines the real beneficiary as the natural person who owns or exercises final effective control over a customer, directly or indirectly. It calls on commercial companies to establish a special register (the real beneficiary register) to record data of the real beneficiaries of partners or shareholders who own at least 25 percent of the company’s shares.
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Article one specifies procedures for identifying the real beneficiary with the provisions of the attached regulations. Article two calls on those addressed by the provisions of the regulations to reconcile their situation within one month. Article three specifies that the regulation regulating procedures for knowing the real beneficiary, as well as everything that contravenes the attached regulation, or contradicts its provisions, shall be repealed.
Companies that violate the provisions of the new regulation may be subject to administrative sanctions – a written warning, an administrative fine of up to OMR 1,000, or suspension of the commercial register for a period of up to 3 months, and even deletion of the activity from the commercial register.
Regulation objectives:
- Enhance confidence in the national economy
- Enhance the business and investment environment in accordance with the principle of transparency and flexibility
- Keep up with international standards.
- Contribute to raising the classification of the Sultanate of Oman in international reports and indicators.
Commercial corporate obligations:
• Create real beneficiary record
• Keeping the real beneficiary record at the headquarters of the company registered in the commercial register
• Determining a person residing in the Sultanate of Oman who undertakes the task of providing all information
• Provide the required information from the real beneficiary record within 3 working days.
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