India Implements Official Beneficial Ownership Regulations

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A recent amendment to India national law: Companies [Significant Beneficial Owners] Rules 2018requires every ‘significant’ beneficial owner of an Indian company to have submitted their interest to the company by the stipulated deadline of May the 9th.

The original intention of the regulations was issued by the Indian Ministry of Corporate Affairs last year in June, necessitating both resident and foreign Beneficial Owners to declare the nature of their interest to that company. The threshold for ‘significant’ is a BO with 10% or more possession of the business.