Introduction of Ultimate Beneficial Ownership Regulations in UAE:
Update On 01 June 2021
It is to be noted that starting from July 1, 2021, the penalties stipulated in the Cabinet Resolution No. 53 of 2021 on the Administrative Penalties Against Violating ultimate beneficial owner procedures will come into effect.
These include the issuance of written warnings up to imposing Dh100,000 in fines in the event of recurrence and continued noncompliance, along with additional administrative penalties, including, among others, license suspension for one year, and restrictions on board of directors’ authority.
Hence it is imperative to comply with the requirements of the UBO Regulation before the end of the 30 June 2021 to avoid being subjected to the administrative penalties.
For more information on how Gupta Accountants could assist you in compliance with Ultimate Beneficial Ownership Regulations in UAE, contact us today.
Gupta Accountants competent team of chartered accountants in Dubai, provides best supports at all the stages of the compliance Ultimate Beneficial Ownership Regulations in UAE to companies registered under free zones and on main land, established in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah.
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Ramesh Kumar Gupta is a young and dynamic Chartered Accountant and has 21 years of experience in assurance, accounting, audit and business management. He is a member of the Institute of Chartered Accountants of India (ICAI). He is the Managing Partner of Gupta Accountants an accounting and advisory firm in Dubai UAE