Tweet
UBO Declaration UAE
We have reached out to you earlier regarding the UBO regulation under UAE Cabinet Resolution No. 58 of 2020 where all companies licensed or registered in the UAE, excluding in the financial free zones, are required to create and maintain a record of their Ultimate Beneficial Owners (UBO) and submit UBO data to the relevant licensing authority.
What do you need to do and know?
- UBO declaration submission is mandatory for all companies that did not submit since October 2020 to date, as per the UAE Cabinet Resolution No. 58 of 2020.
- The UBO submission is applicable to all types of companies that are wholly owned by individual shareholder(s) or by corporate shareholder(s).
- Businesses that are solely owned by the federal or local government are exempt from the requirements of the Resolution.
- If there are changes relating to the UBOs and shareholders of a company after the submission of UBO declaration, the Registrar must be notified within 15 days of that change. Also, the company's internal registers should also be updated within 15 days of the company's management becoming aware of such change.