The information contained in this document is marketing material and for informational purposes only. The information contained in this document is presented without any warranty or representation as to its accuracy or completeness and all implied representations or warranties of any kind are hereby disclaimed. Recipients of this document, whether clients or otherwise, should not act or refrain from acting on the basis of any information included in this document without seeking appropriate professional advice. The provision of the information contained in this document does not establish any express or implied duty or obligation between Citco and any recipient and neither Citco nor any of its shareholders, members, directors, principals or personnel shall be responsible or liable for results arising from the use or reliance of the information contained in this document including, without limitation, any loss (whether direct, indirect, in contract, tort or otherwise) arising from any decision made or action taken by any party in reliance upon the information contained in this document. © The Citco Group Limited, December 2024.
Qatar introduced further changes in UBO legislation
On 6 September 2021 Qatar Financial Center amended the requirements relating to UBO declaration applicable to all entities, including branches and representative offices. The major amendments cover the threshold of beneficial owner and submission period of UBO reports. In particular, the previous 25% threshold is now replaced by 20 % and the annual UBO reports must be filed within 30 days from 1 June on an annual basis- this deadline is applicable for all entities.
Additionally, all QFC entities, regardless of whether a company is exempt or does not have a Nominee Director, are required to submit the information on its Beneficial Ownership and the Nominee Particulars (if any) via special Forms before the 5th December 2021. Moreover, exempted entities must specify in the Form which exemption they fall under.
In relation to the obligation to prepare and keep the internal UBO register, it is still applicable for all entities, including exempted ones.
