Compliance of UAE Beneficial Ownership Regulations

​Gupta Accountants realizes the complex challenges of compliance with UAE Ultimate Beneficial Ownership Regulations while doing business. Gupta Accountants provides range smart solutions for compliance with UAE Ultimate 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
2.  Register for the Nominee Directors/ Manager
3.  Register for the Partners / Shareholders

The UBO Regulations apply to mainland companies and companies incorporated in non-financial free zones such as Dubai Multi Commodities Centre, Jebel Ali Free Zone, Ajman Free Zone, RAKEZ, DAFZ, SAIF Zone, SHAMS, DDA etc.  The regulations exempt the companies based in the financial free zones in UAE like Abu Dhabi Global Markets (ADGM) and Dubai International Financial Centre (DIFC) as such companies are required to comply with the separate UBO requirements that are in place for such financial free zones.

Who is Ultimate Beneficial Owner (UBO) ?

• UBO are natural persons who ultimately own or control or have the right to vote with minimum 25% shareholding of the company, whether through direct or indirect ownership or who have the right to appoint or dismiss the majority of the Directors / Managers.
• If no natural person satisfies the condition above, then any natural person who exercises control over the company through other means shall be deemed as the UBO.
• If no natural person satisfies both conditions above, then a natural person who is responsible for the senior management of the company will be deemed as the UBO.

Who is Partner / Shareholder ? 

• Partner / Shareholder of the company as per the memorandum or incorporating documents of the company. 

Who is  Nominee Directors / Manager​ ? 

• ​Directors / Managers acting in accordance with the instructions of another person.

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Gupta Accountants competent team as UBO-AML-CFT Consultants in Dubai, provides supports at all the stages of compliance with UAE Ultimate Beneficial Ownership Regulations ​

UBO COMPLIANCE IN DUBAI   |   ABU DHABI   |   SHARJAH   |   RAK   |   AJMAN   |   FUJAIRAH   |   UAQ

VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING 

Why Gupta Accountants ? 

• Professionally qualified Chartered Accountants with experience in  UBO-AML-CFT Consulting  and Advisory in Dubai. 
• Cost Effective UBO compliance services in Dubai and UAE.
• Compliance to local, International standards & applicable rules and regulations. 
• Free Advisory

Gupta Accountants could assist with the UAE UBO Compliance (Ultimate Beneficial Ownership regulations), AML (Anti Money Loundering),  CFT (combating the Financig of the Terrorism and Illegal Organisations,   to the companies based in Dubai Airport Free Zone -DAFZA,Dubai Auto Zone, Dubai Cars and Automotive Zone, Dubai Design District, Dubai Flower Centre, Dubai Gold and Diamond Park, Dubai Healthcare City, Dubai Industrial City, Dubai International Academic City, Dubai International Financial Centre -DIFC, Dubai Internet City ,​Dubai Knowledge Park, Dubai Logistics City, Dubai Maritime City Authority, Dubai Media City, Dubai Multi Commodities Centre -DMCC, Dubai Outsource Zone, Dubai Science Park, Dubai Silicon Oasis - DSO, Dubai Studio City, Dubai Production City​ , Dubai Development Authority, ​​​Dubai Techno Park (New name: National Industries Complex)​, Dubai Textile City, Energy and Environment Park, International Humanitarian City , ​Jebel Ali Free Zone Authority JAFZA, Jumeirah Lakes Towers Free Zone, Dubai Production City, Abu Dhabi Airport Business City, Abu Dhabi Global Market -ADGM, Abu Dhabi Ports Company​, ​Higher corporation for specialized economic zones/ ZonesCorp, Industrial City of Abu Dhabi, Masdar City, TwoFour54, ​Hamriya Free Zone Authority, USA Regional Trade Center Free Zone, ​Sharjah Airport Free Zone Authority, Ajman Free Zone Authority, Umm Al Quwain Free Zone Authority, RAK Investment Authority Free Zone, RAK Maritime City​, Ras Al Khaimah Free Trade Zone, Ras Al Khaimah Media Free Zone, RAK Economic Zone - RAKEZ, Creative City Fujairah, Fujairah Free Zone Authority, International Free Zone Authority - IFZA