Beneficial Ownership Declaration

Beneficial Ownership Declaration Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need a Beneficial Ownership Declaration for a new Saudi LLC with three foreign corporate shareholders from the UK and UAE, to be submitted to the Ministry of Commerce by March 2025."

Document background

The Beneficial Ownership Declaration is a mandatory requirement for legal entities operating in Saudi Arabia, introduced as part of the Kingdom's commitment to enhanced corporate transparency and alignment with international anti-money laundering standards. This document must be filed with relevant authorities when establishing a company, during significant ownership changes, or upon regulatory request. It requires detailed disclosure of any natural person who owns or controls 25% or more of a legal entity, either directly or indirectly. The declaration forms part of Saudi Arabia's broader regulatory framework aimed at preventing financial crimes and ensuring transparent business operations. It must be updated whenever there are changes in beneficial ownership structure and verified annually to ensure continued accuracy.

Suggested Sections

1. Declaration Header: Official title, date, and reference number of the declaration

2. Declaring Entity Details: Full legal name, registration number, address, and contact details of the entity making the declaration

3. Purpose of Declaration: Statement of the purpose and regulatory basis for the declaration

4. Definitions: Key terms including 'beneficial owner', 'control', 'interest threshold' as per Saudi regulations

5. Beneficial Owner Information: Detailed information about each beneficial owner including full name, nationality, ID/passport details, and ownership percentage

6. Nature of Ownership/Control: Description of how control is exercised (direct ownership, indirect ownership, voting rights, etc.)

7. Chain of Ownership: Description of the complete ownership chain through which beneficial ownership is exercised

8. Declaration of Truth: Statement confirming the accuracy of information provided

9. Authorized Signatory: Details and signature of the authorized person making the declaration

Optional Sections

1. Foreign Ownership Details: Additional details required for foreign beneficial owners, used when any beneficial owner is not a Saudi national

2. Trust Structure Details: Specific information about trust arrangements, used when beneficial ownership involves trust structures

3. Complex Corporate Structure: Detailed explanation of multi-layer corporate structures, used for entities with complex ownership chains

4. Nominee Arrangements: Details of any nominee shareholders or directors, used when such arrangements exist

5. Change in Ownership History: Record of recent changes in beneficial ownership, used when there have been ownership changes in the past 12 months

Suggested Schedules

1. Schedule 1 - Identity Documentation: Copies of identification documents for all beneficial owners

2. Schedule 2 - Corporate Structure Chart: Visual representation of the ownership and control structure

3. Schedule 3 - Supporting Evidence: Additional documentation supporting the beneficial ownership claims (share certificates, board resolutions, etc.)

4. Schedule 4 - Register of Changes: Historical record of changes in beneficial ownership

5. Appendix A - Declaration Forms: Standard forms required by Saudi authorities for each beneficial owner

6. Appendix B - Compliance Checklist: Checklist confirming compliance with all regulatory requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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