Compliance of UAE Beneficial Ownership Regulations in Abu Dhabi

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

Non Financial Free Zone in Abu Dhabi

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 Nominee Directors / Manager ?

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

Who is Partner / Shareholder ?

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

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

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

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