UAE UBO Regulations: Time is Running Off! Disclosure of Ultimate Beneficiary of Company_

uae-ubo-regulations

DMCC Freezone Authority released a notification in line with the deadline of submission for UBO information. UBO which stands for ‘Ultimate Beneficial Owner‘ is the person who is the ultimate beneficiary of the company.

As per UAE federal law, companies are required to submit their UBO information via an SR on the DMCC member portal by 30 June 2021.

Companies that do not submit information by 30 June 2021 will be sanctioned. Further action may also be taken by the Ministry of Economy, with potential fines of up to AED 100,000.

Our team can assist you with further information on how to complete the mandated requirement.

Companies licensed from 1 January 2019 do not need to resubmit any further information unless their UBO(s) have changed and information requires to be updated.


How CRESCO can assist you?

1. The following key points should be adhered by the company or individual.

  • Nominee Board Members (Article 9)
  • Register of Shareholders
  • Provision of Information to the Registrar
  • Company Names
  • Information Confidentiality 

2. Take reasonable measures to obtain accurate information and keep the registers up-to-date on a continuing basis and notify the Registrar of any changes to the information provided within 15 days of such change occurring; and

3. Appoint an individual (who is a resident in the UAE) with whom the Registrar can contact in relation to any information provided.

SHARE THIS POST
Be updated with the latest accounting trends

Subscribe to our newsletter_

CRESCO-Legal-eid-mubarak

Our UAE offices are closed from April 8-12, 2024, you may still reach us on +971 4 406 9680 as our team in Seychelles and the Philippines remain at your disposal. Eid Mubarak!

merry-christmas

CRESCO Legal wishes everyone a wonderful Merry Christmas.

May this Holiday Season sparkle, shine and may all your wishes and dreams come true, Merry Christmas. 🌲🌟