Following Cabinet Resolution No. 58 of 2020 on the Regulation of Procedures Related to Real Beneficiaries, the UAE has begun the formal roll-out of standard disclosure requirements for UAE mainland and freezone corporate entities and the introduction of an ultimate beneficial ownership (UBO) information register.

The Dubai Department of Economic Development (DED) in Dubai and Abu Dhabi has announced that all companies and branches established in the DED have to submit or update their UBO data by 15^th June 2021.

The Ministry of Economy has applied a deadline across the UAE of 30^th June 2021 to complete the filing – this deadline will apply to Freezone companies. The UAE Financial Freezone DIFC already submit this UBO information on formation and annually on licence renewal, therefore a separate UBO submission is normally not required for these Freezones.

Next Steps

All companies registered in UAE are required to create and maintain a register of their Ultimate Beneficial Owners (UBO) and a Register of Partners or Shareholders.

A UBO is defined as an individual that ultimately owns or controls a company, whether directly or indirectly, through at least 25% of the capital. UBO information must be submitted to the competent licensing authority – whether the DED in the relevant Emirate or the Freezone Authority in the case of Freezone companies.

Non-compliance with the obligation to file the UBO declaration within the deadline may lead to penalties being imposed by the relevant authorities.

See the full cabinet resolution on the imposition of administrative fines for non-compliance here:
www.propartnergroup.com/resources/ubo-cabinet-decision-no-16-of-2021.pdf

If you have already undertaken your UBO disclosure updates with the DED or the Freezone authority, then please ignore this update. If you have any questions on the submission requirements and the ongoing maintenance of the UBO register then please contact us.

Our previous detailed article lists the full requirements
www.propartnergroup.com/blog/2020/10/ultimate-beneficial-ownership

How can PRO Partner Group help?

PRO Partner Group has the detailed submission mechanism, forms and information to assist with gathering your company UBO information and we can assist you to identify and compile the information required to be disclosed with the register. We can full translate and format the information into Arabic and undertake the UBO submission and compliance for you.

For further guidance in relation to the UBO resolution, please contact your PRO Partner Group relationship manager if you are an existing client.

If you are not yet a PRO Partner Group client and if you need assistance and guidance in relation to the UBO resolution or any other related company set up, restructuring, local partner or PRO support matter then please do get in touch with us on +971 (0)4 456 1761 for Dubai or +971 (0)2 448 5120 for Abu Dhabi, complete the contact form below or email us at info@propartnergroup.com we will be delighted to assist you.