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Submission of Ultimate Beneficial Owner (UBO) Identity

Ultimate Beneficial Owner (UBO) Deadline

July 7th, 2021

 

Ultimate Beneficial Owner (UBO)

The UAE Cabinet Resolution No. (58) of 2020 on the Regulation of the Procedures of Real Beneficiaries (‘Resolution’) took effect on August 28, 2021. The Resolution aims to develop and implement an effective and sustainable regulatory mechanism concerning real beneficiary data. 

Article 5 of the Resolution provides clarity on who is classified as a ‘Real Beneficiary’ and accordingly, a real beneficiary shall be:

  • Whoever owns or finally controls twenty-five per cent (25%) or more of the shares of a company incorporated within the UAE, through direct or indirect shares or equity
    OR
  • Whoever has acquired twenty-five per cent (25%) or more voting rights

The deadline for submission is June 15, 2021, with a grace period till July 7, 2021.

What do you need to do?

Under the regulation, by June 15, 2021, all concerned company shall produce, update and keep at its office premises (and share with relevant authorities if and when requested) registers of:

  1. Real Beneficiaries, including details of:
    1. Name
    2. Nationality
    3. Place of birth
    4. Residential address
    5. Travel ID card number and date of issuance and expiry
    6. The reason why the individual is classified as a real beneficiary
    7. The date on which the person became a Real Beneficiary or ceased to be a Real Beneficiary (if applicable)
  2. Partners/Shareholders, including details of:
    1. The number of shares held by each partner or shareholder and the voting rights attached to such shares
    2. The date of acquisition of shares
    3. For physical shareholders/partners: their full names, nationality, address, place of birth, employer name and address, and an ID or travel document copy
    4. For corporate shareholders/partners: their constitutional documents, address, and details of their senior management
  3. Directors, Nominee Directors, and Managers which should include:
    1. Full names
    2. Nationality
    3. Address
    4. Place of birth
    5. Employer name
    6. Address
    7. An ID or travel document copy

To find out the specific action that needs to be done, please click on the applicable licensing authority below with their respective deadlines:

In the event of any amendments or modifications to your submission after 15-June-2021, we must be notified of the same, in writing. This may be done by emailing all details to your respective Account Manager from the Client Relations Management Team within fifteen (15) calendar days from the date of such amendments or modifications as well the last day to submit the UBO declaration (June 15 2021).

On June 21st, Creative Zone is holding a special webinar on UAE’s Business Compliance, discussing everything from VAT, UBOs, ESR and Anti Money Laundering laws of the region. To attend the webinar please register below.

Register here


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