Saudi Arabia has issued the Rules for the Ultimate Beneficial Owner, requiring companies to disclose their ultimate beneficial owners (UBOs) to the Ministry of Commerce with effect from 3 April 2025. They apply to all companies registered in the jurisdiction except publicly listed companies, state-owned entities and those under liquidation. The current regulatory framework requires companies to maintain ownership records, but with centralised obligation for private companies to disclose them. Companies must now register UBOs during incorporation, maintain up-to-date UBO records, file them annually and notify authorities of changes within 15 days. Non-compliance will result in penalties up to SAR500,000.
Sources：【2025/03/19 Greenberg Traurig】