Ultimate Beneficial Ownership Declaration in UAE

Declaration of Sole Beneficial Ownership in UAE

The United Arab Emirates has recently replaced Cabinet Decision No. 34 of 2020 with Cabinet Resolution No. 58 of 2020 on the Control of Actual Beneficiary Procedures ('Decision'). This policy came into force on 28 August 2020 and the date for filing is 27 October 2020 or earlier.

 

Some of the main highlights of the latest resolution are below.

Application Context

Companies licensed or registered within the UAE (excluding financial free zones) are expected to establish and maintain a registry of their ultimate beneficial ownership ('UBO') and to apply UBO data to the appropriate registrar or licensing authority ('Registrar').

 

License or Registration Of Legal Individuals

The legal person shall be licensed or registered in the System and shall, at the time of submission of his licensing or registration application, submit some basic details to the Registrar.

Ultimately, the Beneficial Owner of the Legal Person controls or manages 25% or more of the shares or 25% or more of the legal person's right to vote.

 

Beneficial Owner's Registry

The details of each Beneficial Owner shall be retained and preserved in the register by the Legal Person and shall be created within 60 days of the date of reestablishment of this Decision or of the date on which the Legal Person enters into operation.

 

Members of the Nominee Board

A manager or a member of the board functioning as a member of the nominee board shall notify the legal individual that he is a member of the nominee board and shall, during 15 fifteen days of being a member of the nominee board, provide all relevant information.

 

The Partners or Shareholders Registration  

The legal entity shall keep a registry of partners or shareholders which shall contain the data relating to each of its partners or shareholders.

 

 

The Data Shift

The legal person making an alteration or modification of the data or information must notify the Registrar within 15 fifteen days of the date of the modification or modification being made.

 

·         Our experts will be able to support you,

 

·         Consulting aligned with the UBO Declaration

 

·         Notice to the appropriate authority

 

·         Maintenance of registry for UBO

 

·         Preservation of UBO record

 

Please contact us for further information and support at info@mnvassocaites.com 

0 0