Further, in case of listed companies or their subsidiaries, disclosure made by such entities to relevant stock exchanges can be considered as a proof of beneficial ownership.
The UBO Regulations lays down framework for reporting details of Ultimate Beneficial Owners, their interest, trustees as well as nominee directors.
UAE companies must comply with the reporting obligations prescribed by the UBO Regulations and maintain:
A written warning followed by a penalty of AED 100,000 and in the event of repeated violation it could also lead to suspension of license at least for a year.
The UAE has made progress in the fight against the financing of terrorism, money laundering, and other illicit acts with the implementation of laws like the Ultimate Beneficial Ownership. Additionally, the UAE’s commitment to the OECD’s BEPS measures is compatible with this choice.
Our team can provide additional advice and proper direction on this legislation and development to help you comply with the regulation. Should you have any queries or require support, please reach out to us!
Furthermore, we offer professional and affordable services for business setup in Dubai and other emirates in UAE. We have a team of experts to provide you with accounting services in UAE, VAT Consultancy, ESR services, Shared CFO, UAE Corporate Tax, AML in UAE and onshore (Free Zone) or offshore company formation in the UAE.
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal, tax or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.