31/07/2026
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31/07/2026
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KUWAIT CITY, July 30: Minister of Commerce and Industry Osama Khaled Boodai issued Ministerial Resolution No. 156/2026, amending certain provisions of Ministerial Resolution No. 4/2023 concerning procedures for identifying the beneficial owners of companies. The move aims to strengthen transparency and enhance compliance with regulatory requirements, reports Al- Seyassah daily. The resolution replaces provisions in Articles 8, 9, and 11 of the previous resolution. It requires legal entities to establish a special register containing beneficial ownership information and maintain it within a period not exceeding 15 days from the resolution’s effective date or from the date of the entity’s establishment.
Legal entities are also required to update the register and record any changes to the information within 15 days of becoming aware of such changes or from the date they should have become aware of them. The resolution requires any director or board member acting in the capacity of a nominee member to notify the legal entity of this status and provide the required information within 15 days of acquiring it. The resolution also grants individuals who acquired this capacity before the publication of the resolution a 15-day period from the date of publication to submit the required notification. The decision stipulates that legal entities must submit the beneficial owner register, along with the records of partners or shareholders, to the relevant registry within 15 days from the effective date of the decision or from the date of licensing and registration.
Legal entities are also required to take the necessary measures to maintain and protect these records from damage, loss, or destruction. The Ministry of Commerce and Industry confirmed that the decision takes effect from the date of its issuance on July 30, 2026. It will be published in the official gazette, and the relevant authorities have been assigned responsibility for its implementation.
