Oman today_ The Ministry of Commerce, Industry, and Investment Promotion in Oman has launched the “Real Beneficiary Identification System” on the Oman Business Platform. This service is designed to enhance transparency, strengthen oversight of company activities, and promote compliance with regulations.
This initiative is implemented under Ministerial Decision No. 424/2023, which requires all commercial companies—except publicly traded joint-stock companies—to register and provide complete information about their real beneficiaries. Such information plays a crucial role in preventing financial misconduct, combating money laundering, and reinforcing corporate governance standards.
The ministry has urged all companies to update and complete their real beneficiary information through the Oman Business Platform, emphasizing that compliance with these regulations is mandatory for all companies.