The Minister of Commerce, Industry and Investment Promotion issued Ministerial Decision No. 630/2022 promulgating the Ultimate Beneficiary Identification Procedures Regulations in 
December 2022 (the Regulations). 

The Regulations require all companies (with the exception of a publicly listed/SAOG company) incorporated in the Sultanate of Oman to keep a register of information relating to all shareholders owning 25% or more of the company. The register must be kept at the registered headquarters of the company and may also be kept electronically.

The Regulations are aimed at combatting corruption, money laundering and the financing of terrorism, and at providing transparency. The Regulations will help the Ministry to trace the ownership of unlisted companies in the Sultanate of Oman and to look through multiple ownership layers to determine who the ultimate beneficiaries are.

Article 5 of the Regulations sets out penalties which may be imposed by the Ministry for a breach of any of the provisions set out in the Regulations, including a fine of up to OMR 1,000 or the suspension of the company's commercial registration for up to three months. Penalties may be doubled if a breach is repeated.

A company which is subject to the Regulations must comply with its provisions with effect from 29 January 2023.

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