Following our previous alerts on the issuance of the Unified Economic Register Law No. (1) of 2020 and its Executive Regulations No. (12) of 2020, the Minister of Commerce and Industry has decided to establish the Unified Economic Register Unit under the Registration and Licencing Department. The decision was issued on 12 June 2022 and has been published in the Official Gazette on 19 June 2022 (the “Decision”).
The Decision listed the responsibilities of the Unified Economic Register Unit. These responsibilities and functions included the following:
Implementing the provisions of the law and the regulations relating to the unified economic register;
Maintaining, managing and supervising the unified economic register;
Operating and managing an information system for the unified economic register, and defining the mechanisms for linking databases and the necessary information that must be exchanged between the unified economic register and the
Preparing a database for the unified economic register, updating it on a continuous basis, and making it available to the public and the relevant authorities;
Issuing certificates and extracts from the unified economic register upon payment of prescribed fees.
It is noted that the Ministry of Commerce and Industry has been recently increasing its efforts to control and encourage all entities to submit or update their Ultimate Beneficial Ownership declarations. The issuance of the Decision and the establishment of the Unified Economic Register Unit emphasises the Ministry's keenness to implement the provisions of the Unified Economic Register Law and the importance for all addressed entities to move forward and register or update their filings.
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