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.