UAE Companies to Disclose Ultimate Beneficial Owner (UBO)

Aimed to combat corruption, business fraud, and other financial crimes, global regulatory trends tend to focus on corporate transparency. For this reason, businesses operating internationally are now being required to disclose accurate beneficial ownership information.

What is UBO?

An Ultimate Beneficial Owner or simply a beneficial owner refers to an individual or organization that has significant influence or control over a business and/or benefits from their relationship/association with the company. The conditions to be considered a UBO may differ in every country. For example, an Ultimate Beneficial Owner Dubai may also refer an individual who owns/controls 25% of the capital or has voting rights for at least 25% of the shares.

The deadline for DED UBO filing was on 15 June 2021. New companies and businesses incorporated the resolution come into effect are required to report to the Registrar within 60 days (upon formation) for the registration. Once at the Real Beneficiary Register, the business owner or their representative must provide the information listed below when submitting their ultimate beneficial owner UAE form:

• Name

• Nationality

• Date and place of birth

• Place of residence (the address where notifications must be sent)

• Passport

• Id Number (with the country and date of issue)

• Basis/date for becoming a real beneficiary

• The date on which the individual ceases to be a real beneficiary

• Additionally, the Partners or Shareholders Register must include the listed information for each partner or shareholder:

• The number and class of shares/equity held voting rights must also be attached

• Date when the shareholder or partner acquired the equity/shares

• Names of the individuals holding senior management positions (including their passport or ID number, country of issue, and expiration date)

If the shareholders/partners are recognized as a legal entity, submitted information must include the following:

• Name

• Legal form

• Memorandum/articles association

• Address of the main office or headquarters

• For foreign legal entities, the name and address of the legal representative in the UAE

If you need an attorney in Dubai who can help you with processing the necessary documents for your business or you need legal advice in handling challenges in setting up your business, Motei & Associates offers a range of legal services that can be tailor-fitted to meet the requirements of your business.

How to File a Rent Dispute Case in Dubai

Conflicts between tenants and landlords are very common. No matter how smooth the relationship is, there will be times when both parties can’t agree on certain matters. Whether it’s making certain changes on the property or updating the terms on the contract, it may lead to one party filing tenancy complaints against the other if they can’t find a compromise to settle the issue at hand.

When should you file a case?

Filing a rent dispute case may cost time and money for the parties involved. Hence, it should only be used as a last resort. Once all means of communication or negotiation have been exhausted, you may lodge an official complaint with the Rent Disputes Settlement Centre located at Dubai Land Department’s head office in Deira.

To file a case, you will need to submit the documents listed below. It is also crucial that you make sure that you have the original copies of these documents.

• A copy of the tenant’s passport

• A copy of the landlord’s passport

• Emirates ID

• Ejari certificate

• Original blue tenancy contract

• Most recent DEWA bills

• Rental deposit slip

• Copies of cheques for rental payment

• Other types of documents to support your case

• If the dispute involves commercial property, you will need to present trade licenses and other documents to prove that the business is legitimate and has all the required documents.

What happens after the complaint has been filed?

Established to smoothly resolve rent disputes, the committee is responsible for looking into all cases of rental disputes in Dubai. However, their duty does not involve cases involving rental disputes for properties located in the free zones, as well as financial disputes such as financial lease contracts. According to recently available data, the most common complaint received by the committee is complaints due to unfair rental increases.

The Arbitration Department is the first department of the four departments in the legal process for handling and resolving property disputes in Dubai. Once a complaint has been filed, the department will work on resolving the dispute in 15 days. If the parties fail to find a compromise or resolve the issue, a lawsuit will be filed, and a ruling is issued within 30 days. The ruling will be followed unless one of the parties makes an appeal.

Whether you need legal advice on how to resolve the rental dispute in the simplest way or need someone to represent you to resolve rental disputes, Motei & Associates can provide you with the legal services you require.