07/06/2021
We urge all business owners in Dubai and the UAE to provide their Beneficial Owner data to be added in the commercial registry as required by the UAE Cabinet Decision No. (58) of 2020.
Beneficial Owner’ refers to those individuals/entities that benefit from owning a registered business. The Cabinet Decision No. (58) of 2020 requires all registered businesses in the UAE to reveal the identity and furnish details of their Beneficial Owner to be included in the commercial registry as part of enhancing corporate compliance in the country in line with international best practices.
The deadline for registering the Beneficial Owner data is 15 June 2021.
Following this, starting from July 1, 2021, the penalties stipulated in the Cabinet Resolution No. 53 of 2021 on the Administrative Penalties Against Violating ultimate beneficial owner procedures will come into effect.
These include the issuance of written warnings up to imposing Dh100,000 in fines in the event of recurrence and continued noncompliance, along with additional administrative penalties, including, among others, license suspension for one year, and restrictions on board of directors’ authority.
Contact our Firm for further details and legal support for the registration of your Beneficial Owner Data.
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