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UBO Submission Deadline 2021

June 10, 2021

Ultimate Beneficial Owner (UBO) Submission Deadlines

 

The UAE government is taking stringent measures against money laundering and terrorist financing activities. In accordance with the Cabinet Decision No. 58 of 2020 which Regulates the Procedures of the Real Beneficiary. This decision requires the companies registered in the free zones and in the UAE mainland to maintain a register of the Ultimate Beneficial Owner (UBO) and submit the same information to the Relevant Authorities at which the company is registered.

The Deadline - for submitting such information and completing your UBO Filing for companies that are registered in the Mainland - Dubai Economic Department (“DED”) is 15th June 2021; and for DMCC Free-zone registered companies is 28th June 2021.

Requirement - All companies in UAE Mainland as well as Free-zone entities require to furnish their company’s information and certain documents to complete their UBO disclosures at the relevant authorities. The UBO disclosures to be submitted to DED are including but not limited to the Partners Register, Real beneficial Register and Register of Nominee Directors for all entities registered in DED.

Penalties - In the case of non-compliance with the regulation the Authorities shall issue a written warning and impose a hefty fine of approximately AED100,000. In the case of continued non-compliance along with the administrative penalties the Authorities shall suspend the license of the company.

How MBG Can Help – We at MBG shall be able to assist you to prepare the required Ultimate Beneficial Owner Disclosure to the Relevant Authorities after carefully understanding the company structure to identify the real beneficial owner of the company as well as provide the other supplementary information required to complete the UBO Filing in order to avoid any unforeseen penalties or other implication on the company.

  For more information and any Corporate Services requirements, please connect with us:

Email: [email protected] Call / WhatsApp: +971 52 640 6240


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