Beneficial Owner Procedures
Ultimate Beneficial Owner term is noticed in many Regulations. Beneficial Owner is nothing but the Natural Person ultimately holding the Legal Person. The reference to Ultimate Beneficial Owner can be found in Economic Substance Regulation & Country by Country Regulation in the UAE. UAE has promulgated Cabinet Decision No. (58) of 2020 Regulating the Beneficial Owner Procedures which is in line with Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations and Cabinet Decision No. (10) of 2019 on the Executive Regulations of Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations.
What is the Objective & Scope of the Decision?
The objective of the Decision:
Scope of Application:
Who can be termed as Beneficial Owner or Real Beneficiaries?
As per Cabinet Decision, Beneficial Owner or Real Beneficiaries will be determined as below:
What are the Role & Responsibilities of Legal Person:
Duties of Nominee Board Member
In the case of Dissolution or Liquidation of Legal Person?
In case of non-compliance or violation of any of the provisions of the Decision to attract one or more sanctions from Minister of Economy or Licensing Authority.
For support and more information on Beneficial Owner Procedures: