Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.Read the edition
Following our previous alert on the issuance of the Unified Economic Registrar Law No. 1 of 2020 (the “Unified Economic Registrar Law”), a Cabinet Decision was issued on 27 April 2020 under No (12) of 2020 issuing the executive regulations (the “Executive Regulations”) of the Unified Economic Registrar Law. The Executive Regulations were published under the official gazette on 11 June 2020 and came into force on 12 June 2020.
In accordance with the Executive Regulations the unified economic number that must be obtained under the Unified Economic Registrar Law consists of a series of letters and numbers that are granted at the time of registration or licensing to all who are licensed for the purpose of identification with the government entities.
The Executive Regulations provide that if the applicant for licensing, registration, amendment or renewal of the Unified Economic Registrar is a juristic person or legal arrangement, it should attach supporting documentation showing its real/undisclosed beneficial owners/beneficiaries.
The Executive Regulations set out what constitutes real beneficiary in the Economic Enterprises, Legal Arrangement, Direct Trust Fund, and Non-Profit Organizations, including any person directly or indirectly holding 20% or more of the share capital.
The databases of Qatar Financial Centre, Qatar Free Zone Authority, Qatar Science and Technology Park and Media City shall be linked to the information system of the Unified Economic Registrar, within the limits of the duty to obtain basic information and information required on the real beneficiaries of the entities that they license or register and any update of these data.
Al Tamimi & Company continues to work very closely with regulatory authorities and ministries in Qatar and is pleased to assist clients by supporting their registration under the Unified Economic Registrar