Ultimate Beneficial Ownership (UBO)
Get clarity on your business ownership with our Ultimate Beneficial Ownership service. Our Ultimate Beneficial Ownership service ensures complete compliance and transparency with UAE regulations. Protect your business from potential legal risks by accurately identifying your Ultimate Beneficial Owners. Stay ahead of the changing regulatory landscape with our comprehensive Ultimate Beneficial Ownership service. Our experienced team provides reliable insights into your ownership structure, enabling you to make informed decisions. Ensure the long-term success of your business by proactively managing your Ultimate Beneficial Ownership.
Who is a UBO?
UBO is defined as a natural person who owns or controls, directly or indirectly:
- Shares or other ownership interests of 25% or more in the registered person; or
- Voting rights of 25% or more in the registered person; or
- The right to appoint or remove the majority of the directions of the registered person
- In the case of a partnership, has the legal right to exercise significant control or influence over the activities of the partnership
- In the case of a foundation or non-profit incorporated organisation has the legal right to exercise significant control or influence over the activities of the governing body
If two or more persons satisfy the above conditions, both are UBOs. If no such natural person is identified, then any one of the following is recognised as a UBO:
- Any natural person on whose instructions the registered person is required to act
- A natural person is a member of its governing body
- UBO of a corporate body member of its governing body
UBO Requirements
Registered people must obtain, maintain, and hold a private Beneficial Ownership Register. The entity must include the following particulars of its Ultimate Beneficial Owners/s in a private Beneficial Ownership Register:
- Full legal name
- Registered address
- Date of birth and place
- Nationality
- Passport details or any other government ID details (number, date of issue, date of expiry, and country of issue)
- The date on which the person became a UBO and ceased to be a UBO
UBO Disclosure
All applicable entities are required to disclose their ultimate beneficial Owners. All the information needs to be accurate else it would lead to penalties. Businesses of all sizes must disclose the complete information of the shareholders, partner along with UBO and are expected to know exactly with whom they are doing business.
Our team of experts will ensure that your company complies with the UBO requirements. To know how, please feel free to contact us.
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