Coporate Compliance in the UAE
The Ultimate Beneficial Ownership Register
On 28 August 2020, the Ministry of Economy issued Cabinet Resolution No. 58 of 2020 (on the Regulation of the Procedures of the Real Beneficiary). The Resolution contains several compliance requirements regarding the declaration of Ultimate Beneficial Ownership (UBO). Companies in the Free Zone and the Mainland have to file respective information regarding the shareholder and beneficial owner structure with the relevant registrar and licensing authorities.
Companies have to maintain the following registers:
- Shareholder Register;
- Register of Beneficial Owners (whoever owns or controls through direct or indirect ownership at least 25% of the legal person’s shares or whoever has a voting right of at least 25% of the shares); and
- Register of Nominee Directors (acting following the guidelines or instructions issued by another person).
Dr. Constantin Frank-Fahle, LL.M., Founding Partner of emltc Ltd., will discuss the UBO requirements.
- Ultimate Beneficial Ownership (UBO) register
– History / Purpose
– Field report
- Recent developments – requirements and deadlines
- Outlook & Conclusion