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.
Who is a Ultimate Beneficial Owner
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.
Details Required for UBO
Date of birth (month and year)
Country of residence
Nature and size of interest
How we at Bizvise can assist you?
Screen the company shareholding structure
Identification of UBO – The Natural person(s) and ownership chain
Identify the total percentage of shares, management control and ownership stake of every individual and determine which (if any) falls under the definition of UBO
Relate and Record - Prepare the register as required by the law
Submit UBO data with relevant licensing authority
Can Ultimate Beneficial Ownership Registers help prevent financial crime?
Our team at Bizvise can support you with your UBO registration obligations. Get in touch with us at firstname.lastname@example.org or via the below form.