Mandatory Beneficial Ownership Disclosure

INTRODUCTION The Ministry of Commerce and Industry (“MOCI”) announced on 18 April 2021 that it will no longer accept registration of newly established companies in the Commercial Register (“CR”) nor it will approve the introduction of any amendments or notations to the existing companies’ commercial registration certificates nor renewals thereof unless the company discloses the ultimate/beneficial ownership of the respective company. This new requirement is an application to the mandatory legal provisions...