UBO Submission & Renewal

Stay UBO-compliant, stress-free.

UBO Submission & Renewal in Oman

The Ultimate Beneficial Owner (UBO) declaration is a critical regulatory requirement for businesses in Oman. It identifies the individuals who ultimately own or control a company, promoting transparency and compliance in the fight against money laundering and financial crime. The UBO framework aligns with global standards, including recommendations by the Financial Action Task Force (FATF), and reinforces the country’s commitment to Anti-Money Laundering (AML) efforts.

In Oman, UBO requirements are enforced by the Ministry of Commerce, Industry & Investment Promotion (MoCIIP). Whether for initial filings or annual renewals, businesses must ensure their submissions are timely, accurate, and compliant to avoid penalties. At Al Mawaleh, we simplify the entire process of UBO filing in Oman, offering customized solutions to manage documentation, renewals, and updates. Our expert team ensures that your business remains compliant while you focus on growth and operations.

UBO Requirements in Oman

Initial UBO Submission

Who Qualifies as a UBO? A UBO is a natural person with direct or indirect control of at least 25% of a company’s shares or voting rights, or someone with significant influence over the business.
Required Documentation and Information UBO filings require detailed ownership records, including proof of identity, shareholding details, and organizational charts.
Deadline and Process for New Company Registrations All new businesses in Oman must submit UBO declarations as part of their registration process with MoCIIP.

Annual UBO Renewal

When and How to Submit UBO Updates Companies must renew their UBO filings annually or whenever there is a significant ownership change.
Common Mistakes That Lead to Penalties Errors in ownership documentation, failure to update UBO details after shareholder changes, or late submissions can result in penalties.

Updates Required in Case of Ownership Changes Any transfer of shares, changes in shareholders, or shifts in control must be promptly reported to the authorities.

Documents Required for UBO Filing

To ensure a smooth UBO submission process, the following documents are typically required:

Company Registration Documents: CR copy and registration certificates.
Shareholder Passports and National IDs: Proof of identity for all relevant stakeholders.
Memorandum and Articles of Association (MOA): Outlining the company’s ownership structure and governance.
Ownership Structure Chart: Detailed graphical representation of the shareholding structure.
Lease Agreement or Address Proof: Verified proof of the company’s operating location in Oman.

Our UBO Services at Al Mawaleh

UBO Form Preparation & Filing

Compile accurate ownership data and prepare comprehensive UBO submissions.
Liaise with MoCIIP to ensure smooth submission and processing of UBO declarations.

Annual UBO Renewal Reminders & Management

Track deadlines and provide proactive reminders for timely renewals.
Submit renewal updates on your behalf, ensuring compliance with local regulations.

UBO Change Notifications

Manage updates in case of shareholder or ownership changes.
Avoid late submission penalties by handling changes promptly and efficiently.

Audit & Compliance Review

Review UBO filings to identify and rectify inconsistencies with business registration records.
Conduct audits to ensure ongoing compliance with AML and legal requirements.

Why Choose Al Mawaleh for UBO Services in Oman?

Deep Knowledge of MoCIIP Requirements: Our experts stay informed on the latest regulations and procedural updates from Oman’s Ministry of Commerce, Industry & Investment Promotion.

Full Confidentiality & Accuracy: We handle all sensitive ownership information with the utmost security and precision.

End-to-End Compliance Support: From initial UBO registration to annual renewals and ownership updates, we provide comprehensive support to ensure peace of mind.

Book an Appointment:

Ready to take your finances to the next level? Book an appointment with Al Mawaleh today! Our professional team is here to provide personalized solutions that clarify finances and build trust. Let’s work together to ensure your business’s financial success.

FAQ's: UBO Submission & Renewal

What is the penalty for late UBO submission in Oman?

Late or non-compliance with UBO submission requirements can result in financial penalties and legal consequences for companies.

Can a nominee shareholder be listed as a UBO?

No, a nominee shareholder does not qualify as a UBO. The UBO must be a natural person with significant control or ownership.

Is UBO submission mandatory for all business types in Oman?

Yes, UBO submission is mandatory for all legal entities operating in Oman as part of regulatory compliance.

What changes require a UBO update?

Changes in shareholder structures, transfer of shares, or alterations in control or influence over the company necessitate an updated UBO filing.