New Changes on the Concept of Beneficial Ownership

The new regulation of The Companies (Beneficial Ownership) Regulation, 2023 introduced the new meaning of The Direct and Indirect Beneficial Owners as follows;

• The direct beneficial owner means a natural person who holds or acquires a beneficial interest in the company and registered in his name;

• The indirect beneficial owner means a natural person who holds or acquires a beneficial interest in the company not registered in his name;