The Ministry of Commerce and Industry (MoCI) will begin receiving permits related to the real beneficiary upon requesting registration, amendment, or renewal of the commercial register for commercial companies starting today.

According to MOCI, this procedure comes within the framework of implementing the provisions of Law No. (1) of 2020 regarding the unified economic registry and its executive regulations issued by Cabinet Resolution No. (12) of 2020.

The Ministry of Commerce and Industry (MOCI) announced the start of receiving permits related to the real beneficiary upon requesting registration, amendment, or renewal of the commercial register for commercial companies as of today.#QNA pic.twitter.com/kyoVFacHUa

— Qatar News Agency (@QNAEnglish) April 18, 2021

The ministry explained that any application for registration in the commercial register will be accepted, modified or renewed, unless the declaration of the real beneficiary is attached to it or if the submitted permit contains incomplete information.

It was also pointed out that commercial companies will be required to submit a special record of the required information regarding the real beneficiaries to the Commercial Registration and Licenses Department within ten days from the date of the declaration of the real beneficiary, in addition to the obligation to update the required information if any change occurs to it per the requirements of the legislation in force.

Moreover, one will need to adhere to the provisions stipulated in Law No. (1) of 2020 regarding the unified economic registry and its executive regulations to avoid legal accountability and administrative and financial sanctions.

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Cover Image Credit and Source: The Peninsula