Trade updates beneficial owner rules
The Ministry of Commerce and Industry issued a decision to amend the procedures for identifying the ultimate beneficial owner of companies. It requires legal entities to establish a special register containing details of the beneficial owners, which must be updated within 15 days of any changes. Additionally, nominal management members are obliged to notify the company of their names and submit the required information within 15 days of acquiring the status. The legal entity must also submit the beneficial owners' register and partners' records to the relevant authorities within the same timeframe. The implementation of this decision begins on July 30, 2026, with the aim of enhancing transparency and ensuring data protection.
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