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A person who owns or controls a business, trust, or other legal entity and receives benefits from its assets and earnings is said to have Ultimate Beneficial Ownership (UBO). Whether directly or indirectly, the actual person who created a legal entity is ultimately in charge of it.
Cabinet Resolution No. 58 of 2020 on the Regulation of the Procedures Related to Real Beneficiaries (“Decision”) has replaced Cabinet Decision No. 34 2020 in the United Arab Emirates. Ultimate Beneficial Ownership (UBO) aims to improve the transparency of entities registered in the United Arab Emirates. Additionally, it intends to enhance implementation to guarantee international compliance and confidence worldwide and create efficient and long-lasting executive and regulatory structures and procedures for beneficial owner data.
The law about the prevention of fraud applies to electronic money institutions. Of terrorism financing and money laundering, for which they must fulfil client identification requirements. Finding their clients’ Ultimate Beneficial Owners (UBO) is one of these responsibilities. By addressing the entirety of UBO in the UAE, BMS Auditing provides the best management consultancy in the country.
The law about the prevention of fraud applies to electronic money institutions. Of terrorism financing and money laundering, for which they must fulfil client identification requirements. Finding their clients’ Ultimate Beneficial Owners (UBO) is one of these responsibilities. By addressing the entirety of UBO in the UAE, BMS Auditing provides the best management consultancy in the country.
The Regulations do not apply to companies wholly owned by the federal or local government or their subsidiaries, in addition to companies registered in the financial free zones in UAE, namely the Dubai International Financial Centre and the Abu Dhabi Global Market.
Ultimate Beneficial Owner (UBO) Declaration
According to the Regulations, UBOs are:
Ultimate Beneficial Owner (UBO) Declaration
According to the Regulations, UBOs are:
The UBO registration form needs to have a few specific details. This encompasses, among other things, the name, nationality, birthplace, home address, and travel ID card number (as well as the date of issuance and expiration) of the UBO. It is also necessary to state the basis for the person’s classification as a UBO and, if relevant, the date the person stopped being a UBO.
The following entities are exempt from the need to keep a registry of UBOs:
There is no additional information on recognised stock exchanges in the Regulations.
A business must keep track of its partners’ or shareholders’ information for the register as specified by the regulations for partners or shareholders, and update said register if a change occurs within 15 days of the date of the change.
Some information, including the number of shares held by each partner or shareholder without limitation, the date of acquisition and the voting rights attached to shares by each partner or shareholder, must be included in the register of partners or shareholders. As the Regulations specify, information about each joint venturer and shareholder (whether a natural or legal person) included in the register must also be supplied.
Some information, including the number of shares held by each partner or shareholder without limitation, the date of acquisition and the voting rights attached to shares by each partner or shareholder, must be included in the register of partners or shareholders. As the Regulations specify, information about each joint venturer and shareholder (whether a natural or legal person) included in the register must also be supplied.
To avoid penalties, including administrative fines ranging from AED 50,000 to AED 1,000,000, all companies registered and licensed in the UAE, which includes commercial-free zones, must present authentic details (Data) of their (Real) beneficiaries.
Cabinet Decision No. (16) of 2021, under the supervision of the Ministries of Justice and Economy, relates to the Unified List of Violations and Administrative Fines for the said violations of measures to combat Money Laundering and Terrorism Financing.
Cabinet Decision No. (16) of 2021, under the supervision of the Ministries of Justice and Economy, relates to the Unified List of Violations and Administrative Fines for the said violations of measures to combat Money Laundering and Terrorism Financing.
The Final Rule for Beneficial Ownership
The following is the definition of the Ultimate Beneficial Owner as per Cabinet Resolution No. (58) of 2020:
The critical component in the UAE’s procedures is the Ultimate Beneficial Owner method for preventing the financing of terrorism, unlawful organisations, and the spread of weapons of mass destruction while adhering to the guidelines of the Financial Action Task Force and the National AML policy. These will support the goals of Cabinet Resolution No. 58 of 2020 governing the ultimate beneficial owner procedures and Federal Decree-Law No. 20 of 2018 on Anti Money Laundering and Financing of Illegal Organisations and Countering Financing of Terrorism.
The Resolution states that the auditor will prepare the registrations for the UBO’s shareholders, partners, and director/manager nominees (if applicable) on your behalf. You don’t need to worry about your UBO declaration because Rewind Consultancy will handle it. In addition, we shall inform the appropriate authorities of any modifications or updates to the data supplied.
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