- Welcome to SKM Internationals
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102, AI Tawhidi Building, Bur
Dubai - United Arab Emirates
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sushil@skminternational.com
+971 50 5851327
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Sun - Thur 9 AM - 6.30 PM
Sat 9.30AM - 3PM
UBO Filing
Ultimate beneficiary ownership procedure and regulation is according to Cabinet Resolution No. (58) of 2020 (the “Resolution”) came into effect on 28 August 2020 and changed Cabinet Resolution No. 34 of 2020 issued earlier. The Resolution proposes new obligations for entities to reveal their beneficial owners.
Who is a UBO in a company?
Ultimate Beneficial Owner (UBO), suggesting is the person or entity that is the ultimate beneficiary when an organization initiates a transaction. The beneficial owner is the natural person who, eventually, the individual on whose behalf a transaction is performed.
UAE has initiated a campaign to confirm 513,000 non-financial businesses, controlled by 38 licensing authorities, provide records on ultimate beneficial owners. UBO procedure has been presented for preventing Money laundering and terrorism funding crimes, which is an important worry that negatively impacts most of the world’s economies, in modern times with the advent of advance digital technologies in the different sectors like financial, trade, and investment, which have pros and cons for countries across globe.
The individual who, directly or indirectly, possesses and controls a corporation is called Ultimate beneficiary.
✓ ownership of at least 25 percent shares
✓ and voting rights of a firm or
✓ someone with the power to dismiss and appoint most of a company’s directors
Role and Duties of Legal Person
✓ Legal Person should offer all the required details at the time of licensing & registering.
✓ It should evidently mention its trade name & address in the UAE in all correspondence and documents.
✓ Issue notices to Beneficial Owners where there is question on the real beneficiary.
✓ Retain and provide the details on Beneficial Owner in the Register and shall update the same within 15 days of come to be aware of any changes.
✓ It shall retain and maintain Register of Allies or Shareholders and must update the same within 15 days of becoming informed of any changes.
✓ Equip the Registrar with the data contained in the Register of Beneficial Owner and Register of Partners or Shareholders within 60 days from the date of enactment of Decision (by 26th October 2020) or date of licensing or registration of Legal Person.
✓ Provide the data or documents as requested by the registrar and reveal the similar with personnel or authorized agents.
✓ Instances, where the Legal Person has made any amendment or change in data or evidence filed with Registrar, shall notify the Registrar within (15) fifteen days of the date of creating the amendment or changes.
UBO statement is compulsory when establishing up a business. Now existing companies also need to file their Ultimate Beneficial Owner register and reveal shareholders and nominal management associates to the licensing authorities.
We can help you to file UBO.
Call our UBO Manager.
0503144800 (Phone and WhatsApp)
