Reference to the Cabinet decision No. (58 of 2020) regulating the Beneficial Owner procedures, UAE federal regulation requires institutions to capture and identify the details of the ultimate individual beneficial Owner (s) (UBOs) and submit the same to the licensing authority before the due date which is falling due on 30th June 2021.
Different deadline are also prescribed by each licensing authorities.
The natural person / Real Beneficiaries 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 and finally owns or controls direct or indirect equity shares or shares of 25% or more or voting rights or business activity is being conducted.The whole purpose of UBO is to bring transparency , accountability and trust in business.
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Our team at Bizvise can support you with your UBO registration obligations. Get in touch with us at contact@bizvise.ae or via the below form.