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News Details

“Unified Economic Number” for Records and Electronic Data Interchange

  • Audience : Government, Individuals, Business
  • Source : Lusail Newspaper
  • Topic : Communications and IT, Culture, Arts and Media, Business and Finance
  • Date : Jan 20, 2020

The Unified Economic Register Law stipulated the gathering of basic information, data and documents related to economic establishments and legal arrangements within the record of the unified economic register, this comes in order to strengthen the transparency of the economic and financial transactions and making them available for the public and the concerned entities.

The law, which was published in the in the official gazette has defined the unified economic register as the record that gathers the counterpart records related to economic establishments, legal arrangements, non-profit organizations and  self-employed, whatever the entity they are licensed to or registered with, and the unified register of the intended beneficiaries.

The law defined the “Unified Economic Number” as a number comes from licensing or registration of the economic establishments for the first time, legal arrangements, non-profit organizations, and self-employed. It also defined the real beneficiary, as the person who owns or controls a person or normal person who delegates his operations. This includes the person who is in command or control of a legal person or arrangement.