Matouk Bassiouny – LEGAL UPDATE – May 2024 -Algeria’s New Regulations Concerning UBO

Algiers, Algeria | 21 May 2024

Algeria’s New Regulations Concerning UBO

On 23rd November 2023, a new decree no. 23-429 was issued, establishing a public register of the Ultimate Beneficial Owner(s) ("UBO").

The register of beneficial owners shall be established at the national center of the commercial register containing information on the UBO through a public database in which data and information on beneficial owners are collected and made available to supervisory authorities.

A. Concerned entities

Any legal entity under Algerian law.

B. Criteria of UBO

In principle, the UBO is the natural person(s) who holds, directly or indirectly, an equal or superior share of 20% of the capital or voting rights of the legal entity (“Criteria 1”).

However, in case of impossibility to identify the UBO after the application of Criteria 1, the UBO is identified as the natural person(s) exercising, by any means of fact or by law, directly or indirectly, power of control or effective or legal control.

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Contact the author for more information - Nahla Djabi