Oman – Online UBO Registration Update

Oman has introduced a mandatory online registration system for Ultimate Beneficial Owner (UBO) information through the Ministry of Commerce, Industry and Investment Promotion (MOCIIP). Under the new framework, in‑scope entities must register and maintain their UBO information via the Oman Business Platform.

UBO information previously submitted through in‑person registration processes has not been migrated to the new online system. Companies must therefore complete a fresh online UBO registration, even where information was already filed under earlier processes. Non‑compliance may result in regulatory consequences.

Applicability and Scope

The online UBO registration requirements apply to all companies operating in Oman.

Public joint‑stock companies are excluded from these requirements.

Registration and Ongoing Compliance Requirements

All in‑scope companies are required to:

• Register and maintain UBO information via the Oman Business Platform
• Ensure that designated UBO Representatives are registered on the MOCIIP portal
• Complete online registration for both new UBO records and any updates to existing UBO information

Where a UBO is not an Omani citizen or resident, the UBO must first complete Know Your Customer (KYC) registration before the UBO registration can be initiated or updated.

Compliance Timeframes

While no single universal deadline has been prescribed, the following timelines apply:

• New UBO Registrations
  Companies that have not previously registered UBO information must do so as soon as possible. In practice, compliance must be completed within one month.
• Existing UBO Registrations
  UBO records submitted under previous in‑person processes have not been automatically transferred. All affected entities must complete online registration in accordance with MOCIIP instructions.
• Changes to UBO Information
  Any amendments to UBO data must be reported via the MOCIIP portal within five (5) working days of the change, in line with applicable legislation.

Definition of UBO

A UBO is any person who ultimately owns or exercises effective control over a business, whether directly or indirectly, including control exercised through a chain of ownership or by means other than direct shareholding.

UBO Information Requirements

Where the UBO Is a Natural Person

The following information must be submitted:

• Full name
• Nationality
• Date and place of birth
• Residential address and place of residence
• Address for official notices
• Number of shares or stocks held
• Date of acquisition of partner or shareholder status

Where the UBO Is an Omani Legal Person

Required information includes:

• Legal name and legal form as recorded in the Commercial Register
• Copy of the constitutive contract
• Registered office or principal place of business address
• Certified articles of association or equivalent documents
• Full details of authorised signatories, including:
  • Name (as per Civil Identity Card or passport)
  • Nationality
  • Date and place of birth
  • Residential address

Where the UBO Is a Foreign Legal Person

In addition to the requirements applicable to Omani legal persons, the following must be provided:

• Name and address of the legal representative in Oman
• Valid copy of the shareholder resolution or Power of Attorney appointing the representative

Appointment of Local UBO Representative

All companies must appoint a local UBO Representative. This individual acts as the primary liaison with MOCIIP and is responsible for:

• Submitting UBO information
• Maintaining records within the online portal
• Filing updates and amendments as required

Reporting Changes

Any changes to UBO information must be reported within five (5) working days from the date the entity becomes aware of the change.

Public Access to UBO Information

UBO information registered with MOCIIP is not publicly accessible.

How Mercator® by Citco (Mercator) Can Help

Mercator can assist with:

• Completing UBO registration and filings via the Oman Business Platform
• Providing UBO Representative services, including ongoing maintenance and updates

For assistance, please contact mercator@citco.com.