The Ministry of Commerce and Industry has announced that companies will not be able to renew their licenses unless they disclose the “actual beneficiary” through the Ministry’s commercial register portal.

Abdullah Al-Harz, the ministry’s spokesperson, informed Kuwait News Agency that this new requirement is designed to identify the natural person who has ultimate control over a company. All commercial companies registered in Kuwait must comply with this regulation, with exceptions for state-owned companies and those listed and supervised by the Capital Markets Authority.

The purpose of this disclosure is to enhance transparency in economic and financial transactions and to ensure that this information is accessible to law enforcement agencies, judicial authorities, and regulatory bodies.

As part of the disclosure process, companies must provide details such as the name, civil ID number, email, phone number, address, and passport number (for non-Kuwaitis) of the ‘actual beneficiary.’ Companies can complete this process by visiting the Ministry’s website (Commercial Registry Portal), selecting “Corporate User,” and verifying their identity through the “My Identity” application before following the necessary steps on the Commercial Registry Portal.