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Ultimate Beneficial Ownership

Ultimate Beneficial Ownership in BAHRAIN

In July 2020, the Ministry of Industry, Commerce, and Tourism (MOICT) issued Ministerial Order No. 83 (2020), which established the conditions and rules for disclosing the Ultimate Beneficial Owner (UBO) in Bahrain.
According to the Ministerial Order, all Commercial Registration (CR) holders in Bahrain must disclose the UBO for each corporate shareholder via the MOICT’s online portal (Sijilat).Being the Top UBO consultant in Bahrain providing the Best UBO services in Bahrain we are concerned about your Ultimate Beneficial Ownership in BAHRAIN. As a Top UBO consultant in Bahrain to provide the Best UBO services in Bahrain, we provide consultation following MOICT regulations.

The UBO is the natural person who ultimately owns or controls a CR, as well as the natural person on whose behalf the transaction is being carried out. It also includes those who have effective control over a legal person or arrangement and have control over any CR other than through ownership. GSPU , provides Best UBO services in Bahrain with their expert skill and excellent business relationships.

What is the definition of Ultimate Beneficial Ownership (UBO)?
1. For any individual: A person who ultimately owns or controls a business or legal entity and/or on whose behalf a transaction or activity is carried out.
For corporate entities: Any individual with a shareholding, controlling interest, or ownership interest in more than 25% of the shares or voting rights. In Bahrain, the figure is 10%.

2. If no UBO can be identified, the senior managing officials are registered as the UBO in principle.

What is the significance of identifying a UBO or to attain Best UBO services in Bahrain?

The government needs to know who the beneficial owner is for the following reasons:
• Ensuring that money laundering obligations and Financial Action Task Force (FATF) requirements are met.
• Concerns about global security
• Tax avoidance issues

How do you spot a UBO?

1. Directly or indirectly owning or controlling 10% or more of the Registered Person's capital or voting rights;
2. The natural person who is the ultimate beneficial owner of the ownership chain or who effectively controls it, if the Registered Person is a legal person owned by another legal person or legal arrangement;
3. Having the power to direct or indirectly affect the Registered Person's decisions through personal communications, involvement in project financing, family ties, any kind of agreement or relationship, or through a higher-level entity (in the legal entities' ownership hierarchy);
4. The individual who, even if their contributions are concealed, makes financial contributions to the Registered Person's business, its assets, or the transactions that are made in its favour.
5. Possessing direct or indirect authority over the activities of the Registered Person thanks to a management agreement, power of attorney, or comparable document;
6. Having ultimate effective control over a Registered Person through a chain of ownership or another type of indirect control;
7. Individuals who are naturally capable of exercising control over the Registered Person through management positions in a way that affects strategic choices or has an impact on the Registered Person's overall direction;
8. Any other requirements, criteria, or guidelines established by the Minister following international laws and standards that ensure the best practices concerning enhancing international tax compliance, money laundering prevention, and counter-terrorism financing

What information should be included in the Beneficial Ownership Register?

The UBO Register must include at least the following information about the beneficial owner:
1. Name
2. The birthdate (month and year)
3. Nationality
4. Residence country
5. The nature and size of the beneficial owner's beneficial interest
6. Trustees of any express trust must keep records on beneficial ownership of the trust, which must include the following information:

• Trustee
• Settlor (s)
• Protector (if any)
• Beneficiary(s)

• All other natural persons in possession of the trust

What can be Exempted from the Beneficial Ownership Register?

If access to the data in the UBO Register puts the beneficial owner at risk of fraud, kidnapping, blackmail, violence, or other forms of intimidation, or if the beneficial owner is minor or otherwise incapable, an exemption might be permitted in exceptional circumstances.

What is the Procedure for Assigning a UBO?

1. Login to Sijilat
2. Choose UBO Registration.
3. UBO declaration forms must be uploaded.
4. Submit your application

When should the UBO information be updated?

At any of the following points, the UBO declarations must be updated on the MOICT Sijilat portal: