Qatar introduces new Economic and Beneficial Ownership Registry
3 July 2020 - The State of Qatar recently passed legislation, Law No.1 of 2020, creating a Unified Economic and Beneficial Ownership Register. In addition to the Register, the law aims to introduce transparency in financial transactions.
Executive regulations have not yet been issued and the law has yet to be implemented.
Once implemented, Article 3 of the law will require all economic entities, including companies, corporations, funds, civil companies and non-profit organisations to obtain a Unified Economic Number. This information will be publicly available together with other information allowing the public and relevant authorities to identify the legal entity.
The law further states that applicants will be required to provide a statement of a “Real Beneficiary” who is defined as the “natural person who ultimately owns or actively controls a legal entity”. They will also be required to maintain the register and update the Ministry of Commerce and Industry if any changes occur.
It is not yet clear what the procedure for obtaining the number will be and what exemptions, if any, will be available. This will be clarified when the new executive regulation is published.
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