UBO UAE: Required to submit UBO details before 30th of June 2021

UBO UAE : All UAE companies required to submit UBO details before 30th of June 2021

An initiative of the UAE government to combat against activities related to terrorist financing and money laundering, Cabinet Decision (No 58) of 2020 on Regulation of Procedures for Real Beneficiary requires all companies to maintain a register and submit relevant details of their Ultimate Beneficial Owners (UBO).

Ministry of Economy has set its deadline for submission of UBO details of all companies under its jurisdiction for the 30th of June 2021.

UBO UAE : Fine & Penalties up to AED 100,000

All companies in UAE failing to submit UBO details on or before the deadline are going to be imposed with administrative sanctions face penalties of up to Dh100,000 from July 2021.

• Details to disclose with the authority are as follows:
• Details of ownership
• Details of all Ultimate Beneficial Owners
• Company business model
• Company financial records
• General information including the small print of the corporate from lawyers, banks, and auditors
• Information of consumers and employee

A real beneficiary or UBO is that the natural person controlling or owning a minimum of twenty five (25) percent of the company’s issued share capital, either through direct or indirect control or chain of ownership. A UBO is additionally any natural person who has control on the dismissal and appointment of majority of company directors.

Related: DMCC Auditors