Companies doing business in Egypt are now required by law to disclose the ultimate beneficial ownership (UBO) of any entity.
Ownership information will be publicly available, but some details of what should be included on each register are unclear.
Egyptian-registered entities are now required to keep a UBO Register disclosing the ultimate beneficial owners of the entity or those with control over of the entity.
A publicly available Commercial Register, issued by the Commercial Registration Office, will include the details of the UBO Register of each entity.
Lack of clarity
Legal experts however say that under the new legislation, control is not clearly defined and the minimum ownership level is unspecified.
Further guidelines or circulars may be issued to shed more light on the new legislation.
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