Compliance of UAE Beneficial Ownership Regulations

Introduction of Ultimate Beneficial Ownership Regulations in UAE:

• Cabinet Resolution No. (58) of 2020 regulating Beneficial Owner Procedures (the “Resolution”) came into effect on 28 August 2020 and replaced Cabinet Resolution No. 34 of 2020 issued earlier this year.
• The Resolution introduces new requirements for entities to disclose its beneficial owners. The main purpose is to enhance transparency of entities registered in the UAE, as well as  to develop effective and sustainable executive and regulatory mechanisms and procedures in respect of beneficial owner data.​
• The Resolution requires entities licenced in the UAE (unless exemptions apply) to prepare and file a Ultimate Beneficial Owner (“UBO”) register, Nominee Director register (if applicable) and a Partners or Shareholders register, with the relevant authority within sixty (60) days from the date the Resolution came into effect, being 27 October 2020, or by the date the entity is established.

1.  Register for the Ultimate Beneficial Owner - A Specific Register of the Beneficial Owners in the Legal Person, which includes all of their data.
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2.  Register for the Nominee Directors/ Manager - A Specific Register of any natural person who acts in accordance with the directives, instructions or wills of another person.

3.  Register for the Partners or Shareholders - A Specific Register of the Partners or Shareholders in the Legal Person, which includes all of their data.

4.  Registrar - The entity in charge of supervision of the commercial names register for different types of corporate entities registered in the State, which includes the Licensing Authority.

5.  Beneficial Owner: 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.

6.   Nominee Board Member - Any natural person who acts in accordance with the directives, instructions or wills of another person.

7.  Trustor - A natural or legal person who transfers the management of his funds to a trustee by virtue of a deed.

8.  Trustee - A natural or legal person who enjoys the rights and authorities granted by the Trustor or the Trust Fund, to manage, use and dispense of the Trustor’s funds in accordance with the conditions imposed on him by either of them.

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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