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 natural person 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.
All companies registered in the UAE, including the free zones, are subject to the registration procedures with the Beneficial Owner data, with the exception of Public Shareholding companies and companies owned 100% by federal or local government agencies or companies affiliated with companies owned 100% by the UAE as well
Our services include:
Prepare registers of the UBOs, Partners / Shareholders and Nominee Directors / Managers (if applicable), in accordance with the Resolution.
Arrange filing with the authorities
Maintain the relevant registers on a dedicated company secretarial database on an ongoing basis.
Inform the relevant authority of any changes or amendments to the information provided.
For More Info, please contact us