UBO Compliance Services in UAE

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    UBO Compliance Services in UAE

    UBO Compliance Services in UAE

    UBO UAE are a prominent UBO compliance services provider in UAE. We provide all the support services that ensure that you become UBO compliant in no time. This also includes all the legal advisory services related to the application of UBO regulations.

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    UBO Advisory services

    Our  UBO consultants and business advisors remain updated with all the relevant UBO requirements and laws. We follow all the announcements of the government or related authorities at the federal and Emirates levels that may affect an entity’s UBO compliance.

    UBO Identification

    The entities must be very sure of who their Ultimate Beneficial Owner is. Any error in these details may lead to penalties from the relevant authorities. So, entities must ensure that they submit the correct details of the UBO.

    We provide you full support in identifying the right UBO by studying your corporate structure. We communicate with all the possible beneficial owners and obtain any missing details. Our UBO Consultants in UAE collect all the relevant documents and information and confirm the UBO of the entity.

    Other than the direct control, we also investigate the indirect control of the entity. Our business advisors check who is responsible for taking decisions and who has the right to conclude contracts in the entity. We review control cases and shared ownership structures in detail for identifying the correct UBO.
    1

    Full name

    5

    Address for communication with the relevant authorities

    2

    Nationality

    6

    The date on which the individual ceased to be the beneficial owner

    3

    Place and Date of Birth

    7

    Date and the basis on which the individual became the beneficial owner

    4

    Identity Card Number and its details

    UBO Documentation support

    As per the Cabinet Decision No. 58 of 2020 on the Regulation of the Procedures of the Real Beneficiary,

    All applicable legal entities must:

    Maintain a Register of Beneficial Owners

    Ensure to keep this data accurate and updated and protect it from loss or destruction

    Maintain a Register of Shareholders or Partners

    Maintain a Register of Shareholders or Partners

    Our UBO Compliance Services in UAE help you with the collection of these details on beneficial owners, shareholders, and/or partners. They help in compiling these details in the best possible way. Our support also extends to helping you organize all the Registers.

    We will ensure that the data present in these Registers are accurate and up to date. So, we regularly check for any changes in the ownership structure to update these Registers. Our support also encompasses keeping these Registers protected from any possibility of damages, loss, or destruction.

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    We will help you become UBO compliant with our UBO Compliance Services in UAE.

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    Filing and furnishing details to the Registrar

    Maintaining these Registers of UBOs and shareholders or partners is essential. Equally necessary is to furnish these details to the Registrar whenever requested. Filing requirements and timelines are different for new and existing entities.

    Existing entities were required to file these Registers within 60 days of the promulgation of the decision. But, the authorities extended the deadlines later.

    New entities must furnish these details at the time of submitting their registration, licensing, or incorporation application.

    Entities must furnish these details at the time of renewal of license, registration, or amendment as per the law.

    There are times when the Registrar requests the details, then the entity must furnish them within the stipulated deadlines.

    When there is a new partner or change in shareholding structure, entities must furnish these details within 15 days of the change.

    In regards to these UBO compliance requirements, we help you with our expertise. We take up the responsibility of filing these Registers with the relevant authority within the stipulated deadlines. We also update the Registrar of the changes in the Registers within 15 days.

    Other UBO services

    Becoming UBO compliant includes many other requirements. Our UBO Compliance Services in UAE take care of these requirements. Some of our other UBO services include:

    Keeping an eye on regulator’s notifications on any new developments. This ensures that you are compliant with all the formalities of the applicable regulation.

    Addressing all your doubts, concerns, and questions related to the UBO regulation. This safeguards you from any possibilities of legal issues arising because of non-compliance.

    Communicating and collaborating with the relevant authorities for any UBO-related activities. With this step, we make sure that you remain compliant with the UBO-specific regulation.

    Keeping an eye on regulator’s notifications on any new developments. This ensures that you are compliant with all the formalities of the applicable regulation.

    Addressing all your doubts, concerns, and questions related to the UBO regulation. This safeguards you from any possibilities of legal issues arising because of non-compliance.

    Communicating and collaborating with the relevant authorities for any UBO-related activities. With this step, we make sure that you remain compliant with the UBO-specific regulation.

    FAQs: UBO Compliance in UAE

    Beneficial owners are the shareholders of an entity. An Ultimate Beneficial Owner is a natural person who owns and controls the legal person. In the case of direct control, the natural person must hold 25% or more shares or voting rights in the entity directly or through a chain of ownership.

    If there is no one having direct ownership, the natural person having indirect control becomes the UBO. Indirect control means having the right to appoint or dismiss the majority of directors or by any other means.

    A UBO may also be:
    • A nominee member on whose behalf transactions are conducted
    • In the case of joint ownership/control, all are deemed as joint owners in the ratio of capital
    • In the case of an unidentifiable beneficial owner, the natural person holding the higher management position
    The key requirement of UBO regulations is that entities must keep Registers of UBOs and shareholders/partners. This ensures that companies operating in UAE are transparent in their ownership and control. This register gives information about who benefits from the operations of the legal entity.

    This is how governments keep a track of ultimate beneficiary owners of companies to monitor any fraud cases. If any entity engages in fraud, it can be directly traced to the owner, who may have to face consequences. Thus, tracking the origins of fraud and financial crime cases becomes easier.

    Also, fearing such legal action, entities refrain from engaging in money laundering, financial crimes, and corporate fraud. This leads to a reduction in the possibility of financial crimes and fraud at the corporate level. As a result, it improves the business environment of the country.

    The Resolution applies to all licensed entities in UAE except:
    • Entities that are directly or indirectly owned by the Federal government or any Emirates government
    • Entities operating in financial free zones, including Abu Dhabi Global Markets (ADGM) and Dubai International Financial Center (DIFC)