Ultimate Beneficial Ownership
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Cabinet Resolution No. (58) of 2020 contains the regulations for entities to disclose their beneficial owners to enhance transparency, develop sustainable and effective regulatory and executive procedures and mechanisms in respect of data for beneficial owners.
The regulations require entities, except those exempted, to prepare and file an Ultimate Beneficial Owner (“UBO”) register, Nominee Director register, where applicable, and a Partners or Shareholders register, with the relevant Authority within sixty days from the date the Resolution came into effect, being 27 October 2020, or by the entity establishment date.
The Resolution applies to all entities licensed in the UAE, excluding the following:
- Entities in financial free zones (Dubai International Financial Centre and Abu Dhabi Global Markets); and
- Entities that are wholly owned by the Federal or Emirate government whether directly or indirectly.
Register of UBOs
- UBOs are the natural persons with ultimate ownership or control or have the right to vote with at least 25% shareholding of the company, whether directly or indirectly, or who have the right for appointment or dismissal of the majority of the Directors or Managers.
- If there is no natural person who satisfies the above condition, then any natural person with the exercise of control over the company through other means shall be considered as the UBO.
- If there is no natural person who satisfies both the above conditions, then a natural person with the responsibility for the senior management of the company will be deemed as the UBO.
Nominee Director / Manager Register
This register is required to contain the details of Directors / Managers acting as Nominee Board Member.
Register of Partner / Shareholder
This register is required to include the quantum of interest in ownership held by each Shareholder or Partner and the voting rights attached to such ownership interests and the acquisition date of ownership interests.
Change in register
Any change or amendment to the information must be notified by Entities to the relevant Authority within fifteen (15) days of such amendment or change.
If entities do not comply with the Resolution, the UAE Ministry of Economy may impose administrative sanctions on those entities.
What can we offer
Our team can assist you in filing the UBO register, Register of Nominee Director / Manager, and Register of Partner / Shareholder to your relevant Authority keeping in view the deadline requirements as per the Resolution is met, and all particulars are submitted to avoid any administrative sanctions.