The Ministry of Commerce and Industry has announced that no company will be able to renew its license unless it discloses the "actual beneficiary" through the Ministry's commercial register portal.

Abdullah Al-Harz, the ministry's official spokesman, informed Kuwait News Agency that this "actual beneficiary" requirement is a new legal procedure designed to identify the natural person who holds actual and ultimate control over a company.

All commercial companies registered in Kuwait are required to comply with this regulation, with exceptions only for companies wholly owned by the state 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 readily available 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 in case of non-Kuwaitis for the 'actual beneficiary' disclosure.

Companies can complete this process by visiting the Ministry’s website (Commercial Registry Portal), selecting "Corporate User," and authenticating their identity through the "My Identity" application before following the necessary steps on the Commercial Registry Portal.