MOCIIP asks firms to keep records of real beneficiaries
Published: 07:01 AM,Jan 15,2023 | EDITED : 11:01 AM,Jan 15,2023
Muscat: The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) has issued Ministerial Decision 630/2022, which aims to strengthen the system and mechanisms for combating money laundering and combating terrorist financing in the Sultanate of Oman.
The decision requires the companies to record the data of the real beneficiaries of partners or shareholders who own no less than 25% of the company’s shares.
The real beneficiary is defined as the person who owns or exercises ultimate effective control over a commercial company, directly or indirectly. This also includes any person who has control or ownership through a chain of ownership, or through any controls other than direct control.
The record of the real beneficiary must be kept at the headquarters of the company registered in the commercial register, and it can also be kept electronically, for a period of no less than ten years from the date of issuance of the records, and for a period of no less than five years from the date of dissolving the company and its liquidation.
These documents can be kept electronically and authorized by one natural person residing in the Sultanate of Oman to provide and submit all basic information, shareholder information, and real beneficiary information to the Ministry, and to submit the data contained therein to the Ministry of Commerce, Industry and Investment Promotion within three working days from the date of its request.
All companies are required to follow these instructions within one month after the date of its publication in the Official Gazette.
The decision requires the companies to record the data of the real beneficiaries of partners or shareholders who own no less than 25% of the company’s shares.
The real beneficiary is defined as the person who owns or exercises ultimate effective control over a commercial company, directly or indirectly. This also includes any person who has control or ownership through a chain of ownership, or through any controls other than direct control.
The record of the real beneficiary must be kept at the headquarters of the company registered in the commercial register, and it can also be kept electronically, for a period of no less than ten years from the date of issuance of the records, and for a period of no less than five years from the date of dissolving the company and its liquidation.
These documents can be kept electronically and authorized by one natural person residing in the Sultanate of Oman to provide and submit all basic information, shareholder information, and real beneficiary information to the Ministry, and to submit the data contained therein to the Ministry of Commerce, Industry and Investment Promotion within three working days from the date of its request.
All companies are required to follow these instructions within one month after the date of its publication in the Official Gazette.