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Find out moreThe first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.
Read the full editionIn 2020, the Bahrain Ministry of Industry and Commerce (“MOIC”) passed Resolution Number (83) of 2020 concerning the Standards, Requirements and Rules to Determine the Ultimate Beneficiaries (“UBO Resolution”), with the aim of prescribing rules and guidelines (“UBO Rules”) with respect to Ultimate Beneficial Owners (“UBO”). The MOIC has also published supplementary guidance and clarification as to the application of the UBO Resolution.
By way of a recap, with the exception of entities which are licensed and regulated by the Central Bank of Bahrain (“CBB“), the UBO Rules apply to all natural or legal persons who are registered with the MOIC and have a Commercial Registration (“CR“) (“Registered Person(s)”). Such will include registered companies as well as branches of foreign companies.
Amongst other obligations, the Registered Person is required to provide the MOIC with all prescribed information and copy documents relating to its UBO(s), and has a continuing obligation to update such information and documents immediately (if applicable) upon a change of UBO(s) or their details. Where there is no change to the Registered Person’s UBO(s), the Registered Person must renew the UBO registration on the MOIC’s online portal.
The UBO Rules prescribe a variety of items of information and documents which are to be submitted by a Registered Person to the MOICT with respect to each of its UBOs including the following:
Where the Registered Person refuses or fails to provide the MOIC with all required information and documents of the UBO(s) or provides incorrect information or documents, the following sanctions may be imposed by the MOIC:
It is important for your Bahrain based businesses to:
As the leading law firm in the Middle East & North Africa Region and with strong corporate structuring experience across all industry sectors in the region, Al Tamimi & Company is well placed to assess the impact of the UBO Rules on your organisation and to assist you with the relevant application to the MOIC to ensure a successful registration of the UBO(s).
If you would like to further discuss the contents of this update, please contact Al Tamimi & Company in Bahrain.
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