A V Savla & Co.| Advisory & Consulting

UBO Declaration

Under the Anti-Money Laundering Regulation in the UAE, businesses are required to maintain and submit a Beneficial Owner Register as per Cabinet Decision No. 58 of 2020. This register includes details of individuals who own 25% or more shares or have control over the UAE entity. Identifying the Beneficial Owner can be complex, especially in corporate chain shareholding structures.

The Beneficial Owner's passport details and the corporate shareholder's entities' addresses must be included in the register and Ultimate Beneficial Owner (UBO) declaration form. Free Zone authorities and the Department of Economic Development (DED) have set deadlines for submitting these documents, and failure to comply can result in license suspension.

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