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UAE has taken serious actions of AML and Anti Criminal Financing (ACF). FATF ranked ADGM and DIFC on top of such regulations; however, there was continuing intent to improve the regulations across all other authorities. Accordingly, as an action plan, the UAE govt has introduced ESR firstly and later UBO Regulation.
It is important for businesses to note that earlier UBO reporting in UAE was required for companies that had corporate shareholding; however, its latest update from the ministry, UBO filing, is required by ALL businesses registered in the UAE. The deadline is June 15th, 2021.
We highly recommend taking immediate action, if not already, to identify the UBO of your business; in case a business is of complex structure with multiple layered hierarchies, it is very imperative to kick start the UBO identification process now.
Registration of beneficial owner data is now required for all licenses except Public Shareholding companies and companies owned 100% by federal or local government agencies or companies affiliated with companies owned 100% by the state as well.
The natural person who ultimately owns or controls the Legal Person, whether directly or through a chain of ownership or control or any other indirect means, and also the natural person on whose behalf the transactions are being conducted or who exercises ultimate control over a legal person and finally owns or controls direct or indirect equity shares or shares of 25% or more.
The following 6 basic data need to be provided: Name, Gender, Passport Number, Nationality, Residence Address, and Email.
1. Outsourced service centres
2. eServices
3. DED Business App (not implemented yet)
4. Invest.dubai.ae (not implemented yet)
1. Outsourced service centres
2. eServices
3. DED Business App (not implemented yet)
4. Invest.dubai.ae (not implemented yet)
Reference to the Cabinet Decision No. (58) of 2020 regulating the Beneficial Owner procedures, customers are kindly requested to visit the outsourced service centres to register the identification of the Beneficial Owner data or via Dubai Economy’s eServices. For enquiries, please contact the call centre via email info@dubaided.gov.ae or call +971 444 55555 or contact us, our team as Tax Consultants in Dubai, will support.
Please be informed that it is now possible for customers to register the real beneficiary data through the link below via SMS, and the license number is entered and then the required data.
https://eservices.dubaided.gov.ae/Pages/Anon/liceBeneficiaryRequest.aspx
You may also visit any DED service center from the link below to register your beneficial owner data:
https://ded.ae/ServiceCenters/en
You also have the option to do it online through the link below if you are already registered in DED eServices with a verified UAE Pass account:
https://eservices.dubaided.gov.ae/BeneficiaryOwner
The acknowledgment must be submitted by the company’s legal representative, such as one of the directors.
The legal person partner in the commercial license is subject to registration in the Beneficial Owner data, as well as the partners or shareholders in the entity of the legal person until the Beneficial Owner is identified.
All companies registered in the UAE, including the free zones, are subject to the registration procedures with the Beneficial Owner data, except for Public Shareholding Companies and companies owned 100% by federal or local government agencies or companies affiliated with companies owned 100% by the state as well.
Yes, the Beneficial Owner must be registered for all types of activities in the Commercial Registry system.
The Beneficial Owner must be registered in all types of licences.
All commercial license holders must be registered with the Commercial Registry of the Department of Economic Development, regardless of the legal form of the company.
Yes
With regard to the natural person, it is necessary to provide the concerned authority with a copy of the passport or the Emirates ID of the citizens of the UAE; as for the legal person registered in the UAE, the concerned authority must be provided with the statute of the company. The foreign company must also provide the concerned authority with the name of the legal representative and provide proof of that. The company must keep a record of the Beneficial Owner that includes his personal data, place of residence, address, nationality, and all data such as e-mail, contact numbers, and other information that have been mentioned in the Cabinet Decision No. (58) of 2020.
It is not necessary for the Beneficial Owner to own shares in the company or contribute to the capital, as he/she can be the natural person who occupies a senior management position (controlling the company’s decisions) in the event that the Beneficial Owner cannot be determined as required.
Yes, the amendment may be made via the electronic fields prepared by the concerned authority in advance for this purpose.
Yes, the amendment may be made via the electronic fields prepared by the concerned authority in advance for this purpose.
There is no stipulation in the law that specifies a specific age for the Beneficial Owner.
This is not possible, as the Beneficial Owner is the person who controls the company or group of companies or who owns 25% of the company.
The Beneficial Owner is the one who controls the company whether in the country of origin or registered in the UAE.
Expert Team at Bens Audit and Accounting Firm in Dubai will take the lead and understand the business structure, hierarchy, and legal structure to identify the Ultimate Beneficiary Owner. Our team will help you maintain the Shareholders’ Register, UBO Register, and Nominee Directors’ Register. The team will also prepare and file the required information with the authorities.
Contact us at info@bensauditors.com | +971 52 861 9076 | +971 50 625 6414.
Not really, Bens Chartered Accountants would like to work closely with you to make the changes exactly as per the revised law to make sure 100% compliance and adherence to local laws and required. Feel free to drop a note or give us a call.
It is our duty to ensure compliance, completeness and provide insights to make quality decisions.
You relax and focus on your core business, we will take care of the details and make it happen for you!