Any information relating to a new issue or transfer entailing a change in the beneficial ownership information must be filed with the Companies and Business Registration Department within 14 days of entry in the entity’s registers. Such information will only be disclosed to any third party in the following circumstances:
- if required by the Beneficial Owner or the Ultimate Beneficial Owner;
- for the purpose of an investigation, enquiry, or any similar matter;
- if ordered by a Court of Law or the Judge in Chambers.
It is important to note that records of the existing beneficial ownership information must be communicated to the Companies and Business Registration Department at any time prior to or upon filing of the next annual return.
In relation to the said requirements, the term Beneficial Owner or Ultimate Beneficial Owner means a natural person who holds by himself or his nominee a share or interest in a share which entitles him to exercise not less than 20% of the aggregate voting power in a meeting of shareholders/partners or council members.
