UBO Declaration in UAE
Take Action Now: Ensure UBO Disclosure for Your UAE Business!
It demands a commitment to transparency and compliance with regulations that foster trust and credibility. As a responsible business owner in the UAE, it is crucial to recognize the significance of fulfilling Ultimate Beneficial Owner (UBO) disclosure requirements.
UBO Regulations in UAE
UBO Disclosure: Embrace Transparency, Empower Accountability!
The UAE Ministry introduced the Ultimate Beneficial Owner (UBO) Regulation in 2020 with the aim of increasing transparency in organizations established in the UAE. The regulation requires all businesses to disclose their ultimate beneficial owners to the Department of Economic Development (DED) as quickly as possible. Failure to submit the required documents can result in license issues and service interruptions.
Who is a UBO?
A UBO is an individual who owns at least a 25% share in a company and has voting rights or control over it. Any person with the authority to remove the majority of directors and management is also considered a member. If there is no such person, the UBO is described as someone who has significant power over the business.
UBO Disclosure Requirement in UAE
All businesses with licenses in the UAE are required to submit UBO disclosures, except for those owned by municipal or federal governments. The DED must receive beneficiary declarations and shareholder registrations with supporting documents that attest to the accuracy of the information. Registered businesses cannot take any corporate action until they have completed their required paperwork.
Shared Requirements between ESR and UBO
UBO regulations share the requirement for businesses to disclose the identities of their ultimate beneficial owners. As such, companies must provide accurate and up-to-date information to ensure compliance with both regulations.
Why Now Consultant For UBO Declaration Service?
Simplifying UBO Filing in the UAE!
Peace of
Mind
Partnering with NOW Consultant for your UBO needs means you can focus on growing your business, confident in the knowledge
Customer Satisfaction
We prioritize customer satisfaction and work tirelessly to ensure that our clients are happy with the services we provide.
Timely
Support
Our team is available to provide timely support and guidance to help you navigate the complexities of ESR requirements.
Confidentiality
we understand the sensitivity of financial information. We ensure that all information provided to us is kept confidential and secure.
Trusted
Partner
you're choosing a trusted partner who will work with you to ensure your business remains compliant with all necessary regulations.
Requirements For UBO Filing in UAE
In the UAE, various regulations govern UBO disclosure, and it is essential for companies to familiarize themselves with these requirements to ensure full compliance. The main regulatory framework includes:
1. Disclosure of UBO Information
Under UAE regulations, companies are mandated to disclose accurate and up-to-date information about their Ultimate Beneficial Owners to relevant authorities. This includes details such as full name, date of birth, nationality, residential address, and the extent of their ownership or control.
2. Maintaining UBO Register
Business entities operating in the UAE must maintain a UBO register, containing all pertinent information about their Ultimate Beneficial Owners. The register should be regularly updated and made available for inspection by competent authorities upon request.
3. Nominee Arrangements and Trusts
Nominee arrangements and trusts that could impact the identification of the Ultimate Beneficial Owners are closely monitored by UAE authorities. The true beneficiaries behind such arrangements must be revealed to ensure transparency.
4. Compliance and Reporting Obligations
Companies in the UAE are obligated to comply with UBO regulations and submit accurate reports to the relevant authorities. Failing to fulfill these obligations can lead to severe penalties, fines, or even suspension of business operations.
Frequently Asked Questions
A UBO is a “Ultimate Beneficial Owner,” and it is essential for companies to identify their UBOs as it is a mandatory requirement for compliance with the UAE laws and regulations.
The time required to identify UBOs depends on the size and complexity of the company. However, we aim to provide efficient and timely services to all our clients.
In addition to UBO declaration service in uae, we offer a wide range of business consulting services, including accounting and bookkeeping, tax advisory, and company incorporation services.
Yes, a company in the UAE can have multiple Ultimate Beneficial Owners. In cases where multiple individuals or entities hold substantial ownership interests or have significant control over the company, all of them would be considered Ultimate Beneficial Owners and must be disclosed as part of the UBO verification requirements.
