Qatar (QA)

Jurisdiction Overview

IDQuestionAnswer
472 *LO Update: Is the update of information on the identity of legal owners mandatory? No
 Data Date: 2017

Notes

 
As opposed to most companies registered in Qatar, Special Purpose Companies are not required to update their identities and LLCs are obliged to update only on members holding more than 1% of shares (GF 2017:33). According to the Global Forum: "Pursuant to the CRL [Corporate Registry Law], all entities registered with the Commercial Register are required to annually renew their registration electronically (art. 5). Application for renewal requires entities to provide any updated ownership information." (GF 2017: 31; [TJN's note]). In addition, "Every LLC must deliver to the CRO [Corporate Registry Office] an annual return including information with regards to: in respect of each class of members, the name and address of each member of the LLC holding more than 1% in nominal value of all the issued shares in that class" (ibid.: 31). The same obligations appy to Companies limited by guarantee, (ibid.). However, "A SPC is not required to file its accounts or an annual return with the CRO; […]" (ibid.: 33).
 
In addition, while there are requirements to notify the tax authorities of any change, this requirement applies only if the change may have tax implications: "Taxpayers must notify the tax authorities of any change (including a change in ownership of the company or establishment) that may affect their tax obligations within thirty days from the date of occurrence of the change(art. 12)" (ibid.: 36). Hence, these requirements cannot replace the lack of updating requirements for Special Purpose companies.

Sources

GF 2017: 26-33, GF 2013: 25