MANAMA: A webinar on the criteria and controls for determining the final beneficiary of commercial registration (CR), was organised by the Bahrain Chamber of Commerce and Industry in cooperation with the Industry, Commerce, and Tourism Ministry.
The webinar hosted officials from the ministry, who explained the definition of a final beneficiary, the criteria for determining a final beneficiary, and the steps to disclosing the final beneficiary via Sijilat portal.
The speakers also stressed on the importance of completing the disclosure process for holders of all types of CRs to avoid penalties, and explained that the final beneficiary can be changed, and that details of the final beneficiary should be updated on an annual basis.
In this regard, the chamber urged all its members to disclose the beneficiary of their CRs, and highlighted that the ministerial decision (83) for the year 2020 aims at enhancing the transparency and efficiency of the business environment, safeguarding the rights of business owners, partners, and customers, as well as curbing fraudulent business activities and money-laundering.
&uuid=(email))