UAE: Changes for Disclosing Identification of Ultimate Beneficial Owner (UBO)

June 4, 2021
1 min read
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The United Arab Emirates (UAE) recently replaced Cabinet Decision No. 34 of 2020 with Cabinet Resolution No. 58 of 2020. As a result, there are now new requirements for entities to disclose their beneficial owners. UBOs are natural persons who ultimately own or control or have the right to vote with a minimum 25% shareholding of the company, whether through direct or indirect ownership, or who can appoint or dismiss the majority of the directors or managers.

The primary purpose of the resolution is to enhance the transparency of entities registered in the UAE and develop effective and sustainable executive and regulatory mechanisms and procedures regarding beneficial owner data.

The last date for recording the data of the real beneficiary for all legal entities with the Dubai Economic Department is June 16th.

Registration for Ultimate Beneficial Owner (UBO) can be done through the outsourced service centers.

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