UBO Requirements: Updates in Laws

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Date11/9/2020 6:01:48 PM
971 55 4145900971 55 4145900
971 55 4145900971 55 4145900
Cabinet Resolution No. 58 of 2020 on the Regulation of the Procedures Related to Organization’s Beneficiaries has been issued by the UAE government as of late August this year. Under this update, all companies licensed or registered in the UAE (excluding financial free zones) are required to maintain a register of all their UBO’s. UBO reporting requirements from earlier have therefore been changed. For all those companies falling under that category, they need to maintain the below information at the registered office:

Register of UBOs:
UBOs are natural persons who ultimately own or control or have the right to vote over at least a
25% shareholding of the company, through direct or indirect ownership.
Natural persons who have the right to appoint or dismiss the majority of the directors/managers.
Any natural person who exercises control over the company through other means shall be
deemed as the UBO.
A natural person who is responsible for the senior management of the company will be deemed
as the UBO.
The data of the UBO to be included should cover name, nationality, place of birth, residential address, travel ID card number and date of issuance and expiry, reason why the individual is classified as a UBO and the date on which the person became a UBO or ceased to be a UBO (if applicable).

In light of the new UBO reporting, companies in Dubai will need to make sure they adhere to the new conducts to follow through their legal requirements. The UAE has time and time again tried to make sure it maintains it’s ideal for business image, and this step has everything to do with making sure that it is maintained.

Quantum Auditing as one of the top financial accounting firms provides the ultimate best advisory services that helps you follow the required procedures systematically. Their expert professional staff and in-depth knowledge of compliance makes the best option for the service as cut-off arrives.
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