A webinar on the criteria and controls for determining the final beneficiary of Commercial Records was hosted. The Bahrain Chamber of Commerce and Industry in cooperation with the Ministry of Industry, Commerce, and Tourism held the session on the ministerial decision (83) for the year 2020 on the final beneficiary of a C.R.
The webinar hosted officials from the Ministry of Industry, Commerce, and Tourism, who explained he 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 C.Rs to avoid penalties, and explained that the final beneficiary can be changed, and that details of the final beneficiary should be updated in an annual basis.
In this regard, the Chamber urged all its members to disclose the beneficiary of their Commercial Records, and highlighted that the ministerial decision 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.