New regulations require all companies registered in Saudi Arabia (with limited exceptions) to disclose their Ultimate Beneficial Ownership (UBO) (individuals exercising control over entities) to the Ministry of Commerce at the time of incorporation; maintain a UBO register within Saudi Arabia; update UBO details annually; and notify authorities of any changes to the UBO within 15 days of the change. Non-compliance with these rules may lead to fines of up to SAR 500,000 (approximately USD 133,000). Previously, UBO information was not centrally available beyond regulated financial sectors, which made it difficult to trace ownership, particularly in complex or offshore structures. This change supports Saudi Arabia’s broader agenda to tackle financial crime and build investor trust through increased transparency and accountability.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
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