UBO Notification Services in Dubai

Vista Auditing and Accounting offers comprehensive Ultimate Beneficial Owners (UBO) services in Dubai, assisting businesses in identifying and managing their beneficial ownership structures effectively. Our expert team conducts thorough UBO assessments, ensuring compliance with regulatory requirements and enhancing transparency within organizations.

Overview of Ultimate Beneficial Owner (UBO) in Dubai

In recent years, the UAE government has taken steps to combat money laundering and terrorist financing. One significant move was Cabinet Decision No. 58 in 2020, focusing on regulating the identification procedures for the Ultimate Beneficial Owner (UBO). According to this decision, all companies in the UAE, whether in Free Zones or the Mainland, must maintain a record of their UBO and submit it to the relevant authorities. This process is now a crucial step when applying for a license or incorporating a company, whether on the Mainland or in Freezones.

The primary goal of this regulation is to enhance transparency in the UAE economic system by imposing strict disclosure and record-keeping requirements for companies. The Ultimate Beneficial Owner (UBO) notification in Dubai aims to make sure that companies carefully manage their ownership details to prevent violations of anti-money laundering financing laws.

 

Importance of UBO

Knowing who the Ultimate Beneficial Owner (UBO) is in the UAE is important because it helps make things clear and open. These rules are there to make sure people don’t try to avoid paying taxes or doing illegal things like money laundering. When everyone follows these rules, it also makes the UAE a safer and more attractive place for businesses from around the world. This way, the UAE becomes even better known as a global business hub.

UBO Registration

The UBO Register needs to have information about the company’s “Real Beneficiaries.” As per the UBO Law, real beneficiaries are individuals who own or control, either directly or indirectly, at least 25% of the company’s shares or have a minimum of 25% of the voting rights. It also includes those who control the company by means such as having the authority to appoint or remove most of the directors or managers.

UBO Penalty

If companies do not follow the rules in the UBO Law, they may face penalties. These penalties can apply to the company, its officers, and sometimes even the beneficiaries and shareholders.

How Can We Assist You

Vista Corporate takes charge of preparing registers for UBO’s partners, shareholders, and, if applicable, director/manager nominees on your behalf. We handle the entire UBO declaration process for you, reducing any concerns on your part. Additionally, we ensure timely communication with relevant authorities regarding any changes or amendments to the provided information.

Industries We Serve

Insurance

Ecommerce

Manufacturing

Oil and Gas

Real Estate

Trading

Management Consultancy

Hospitality

Holding Companies

Logistics

Frequently Asked Questions

UBO The Ultimate Beneficial Owners is a law which is a part of the UAE government’s efforts to deal with tax avoidance and money laundering practices while maintaining international laws.

The UBO Law is applicable to all businesses and companies that are licensed and registered in the UAE. The only exemptions from the UBO law include companies that are entirely owned by a local or federal government and those established in the financial free zones of DIFC or ADGM, as they already adhere to their specific UBO disclosure regulations.

The most important reason is to prevent the occurrence of fraud like terrorist financing or money laundering by legal corporations.

According to the UBO Regulations, all companies falling under the rules are required to create and keep a UBO register, a shareholder/partner register, and a register of nominee directors/managers.
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