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.