First came the Value-Added-Tax (VAT), then Economic Substance Regulations (ESR), and now Ultimate Beneficial Owner (UBO) rules. The UAE now requires companies to strictly follow well-defined transparency procedures.
"The ultimate beneficial owner (UBO) is the person who, directly or indirectly, controls and owns a company. Individuals with ownership of at least 25% shares or who exercises ultimate control over a 'legal person' like; someone with voting rights of a company or someone with the power to appoint and dismiss a majority of a company's directors shall be considered as a UBO."
The companies incorporated after the resolution came into effect should report to the Registrar within sixty (60) days of formation. In the Real Beneficiary Register, they must provide:
The Partners or Shareholders Register (PSR) requires:
The 'legal person' should submit any amendment or change to the details or information to the registrar within fifteen (15) days from the date of the amendment and change. And if the company is under liquidation, the liquidator shall hand over the Real Beneficiary Register and Partners or Shareholders Register to the Registrar within thirty (30) days from the date of his appointment.
You have an option to upload the documents either in-person or online with outside service centers.
To submit documents online:
To submit documents in person:
Reach us to have a tension-free life in your journey in UAE. Our consultancy will assist you in taking care of all the procedures involved in the VAT process including the UBO process. Call us today for any kind of assistance at +(971) 504884714 / +(971) 543353947 or email us at firstname.lastname@example.org to get all your queries addressed.