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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.