KUWAIT CITY, Sept 2: The Ministry of Commerce and Industry has announced that it will not issue or renew licenses for any companies, including sole proprietorships and closed joint-stock companies, unless they comply with the requirement to disclose the actual beneficiary through the commercial registry portal on the ministry’s website.

Abdullah Al-Harz, the ministry's spokesperson, explained to Kuwait News Agency (KUNA) on Monday that the "actual beneficiary" is a new legal requirement. This procedure aims to identify the natural person who holds actual and final control over the company. Al-Harz further stated that if companies and institutions under the supervision of the Anti-Money Laundering and Terrorism Financing Department fail to disclose the actual beneficiary, they will face financial penalties as outlined in Article 15 of Law 106 of 2013 on Combating Money Laundering and Terrorism Financing.

He clarified that all commercial companies registered in the country must disclose the actual beneficiary, except for state-owned companies and listed companies under the Capital Markets Authority's supervision. Al-Harz emphasized the importance of this disclosure in enhancing the business environment, improving the country's international ranking, and making it a more attractive place for business and investment. The aim is to ensure transparency in economic and financial transactions and to provide necessary information to law enforcement, judicial authorities, and regulatory bodies.

To register the actual beneficiary, the required information includes the name, civil number, email, phone number, address, and passport number for non-Kuwaitis. Registration can be completed by visiting the ministry’s website (Commercial Registry Portal), selecting "Corporate User," and authenticating through the "My Identity" application, then following the steps to finalize the process.