Qatar (QA)

Jurisdiction Overview

IDQuestionAnswer
471 *BO Record: Does the registration of domestic companies comprise beneficial owner's identity information? No. Companies available without recorded beneficial ownership information.
 Data Date: 2017

Notes

 
"The Commercial Register at the Ministry of Economy in Qatar and the CRO [Corporate Registry Office] in the QFC [Qatar Financial Centre] are designated as the “competent commercial register systems” under the Qatar AML Law required to maintain up-to-date information on beneficial owners of legal persons established in Qatar and the QFC." (GF 2017: 40, [TJN's-note]).
 
For companies registered in the QFC, the practice of registering beneficial ownership includes only two layers: "When an entity first applies to be licensed and registered in the QFC the entity must provide ownership (including beneficial) information to the QFC CRO and QFC Authority. In practice, the QFC CRO will look through two entity levels to determine this ownership information. It is noted that this practice is not consistent with the requirements under the standard or with the Qatar AML Law, however, this appears to be a small gap because [...] licensed firms and authorised firms in the QFC must comply with obligations set out QFCA Rules and QFCRA General Rules which includes disclosing changes in beneficial ownership and control to the QFC Authority and QFC Regulatory Authority." (GF 2017: 41; [TJN's-note]). Given the two layers' practice and the weakest link principle, we conclude there is no sufficient beneficial ownership registration.
 
Beneficial ownership registration seems to be required, however, with regard to companies that are not subject the QFC, "Pursuant to the CCL and CRL [Commercial Registry Law], entities are required to provide ownership information (including beneficial ownership information) to the Commercial Register when registering and must notify the Ministry of Economy of any changes" (Ibid: 40).
 
"The Commercial Register at the Ministry of Economy in Qatar and the CRO in the QFC are designated as the “competent commercial register systems” under the Qatar AML Law required to maintain up-to-date information on beneficial owners of legal persons established in Qatar and the QFC." (GF 2017: 40).

Sources

GF 2017: 26-38.