The necessity of identification of Ultimate Beneficial Owner has gained momentum across the globe with increased International focus on tax transparency and the fight against tax evasion and other financial crimes.
Further, the recommendation of Financial Action Task Force (‘FATF’) to OECDs Global Forum on Transparency on measures geared to Anti-money laundering (AML) and Countering the Financing of Terrorism (CFT) has initiated new regulations in many countries.
In this context, the United Arab Emirates (UAE) issued Cabinet Decision No. 58 of 2020 on Regulating the Beneficial Owner Procedures (the Regulations) on 24 August 2020.
As per the Regulation the details of Ultimate Beneficial Owner (UBO) are supposed to be filed by the existing Legal Person within 60 days of promulgation of the decision i.e. by October 27, 2020.
However, each Licensing Authority has issued its own deadline to comply with Beneficial Owner Procedure Regulations. Therefore, to ensure compliance, one needs to consider the deadline issued by the licensing Authority with whom it is registered.
Ultimate Beneficial Owner (UBO)
Emirates Chartered Accountants Group - Ultimate Beneficial Owner Services in Dubai, UAE.
Contact Now – Get UBO Compliant
Mr.Manu Nair I Consultant
Mob: +971 502828727
Though each licensing Authority has their own list of details, broadly, the Register of Beneficial Owner shall include the following data in respect of each Beneficial Owner:
The Regulation lists the details required to be maintained in respect of Shareholders of the reporting entity which are as under. However, each licensing has issued its own list of details and format to submit shareholders’ details.
|In respect of Individual Shareholders||In respect of Corporate Shareholders|
Our professional, dedicated, and competent team shall assist you in:-
News & Articles
Oct 20, 2020
Declaration of Ultimate Beneficial Owner(UBO's) in the UAE Ultimate Beneficial Owner term is noticed in many Regulations. Beneficial Owner is nothing but the Natural Person ultimate...VIEW ALL