UBO Declaration
Objective of Ultimate Beneficial Ownership
In the UAE, companies are required to disclose their ultimate beneficial ownership information to relevant authorities as part of the government's efforts to
combat money laundering, terrorist financing, and other illicit activities. The Regulations require companies licensed or registered in mainland UAE or one of the commercial-free zones to create and maintain a register of their ultimate beneficial owners and to submit UBO information to the Registrar.
What are the Exceptions of Ultimate Beneficial Ownership?
The Regulations do not apply to companies that are directly or indirectly wholly owned by the federal or local government or their subsidiaries, as well
as companies that are registered in the financial free zones in the UAE, namely the Abu Dhabi Global Market and the Dubai International Financial Centre.
Partners & Shareholders
For the register of partners or shareholders, a company must maintain the details of its partners or shareholders as set out in the Regulations and
update such register with any change occurring within 15 days from the date of the change. The register of partners or shareholders must include certain information, including without limitation, the number of shares held by each partner or shareholder, the voting rights attached to such shares, and the date of acquisition of shares by each partner or shareholder. Information on each partner and shareholder (whether a natural or legal person) listed in the register must also be provided as set out in the Regulations.
Deadlines for the submission of Ultimate Beneficial Ownership (UBO)
The filing deadline of the register of UBOs and the register of partners or shareholders of existing entities is June 30, 2022 or at the time of
incorporation/registration of a new entity. The Registrar may request additional information beyond that required in the Regulations.