Ultimate Beneficial Ownership Regulations

Authored by: Ahmed Hadeed

New corporate governance requirement

The UAE Cabinet issued Cabinet Resolution no (58) of 2020 concerning regulation of the real beneficiary procedures (‘UBO Regulations’). This entered into force on 28 August 2020.

UBO Regulations

The UBO Regulations set up a framework for reporting and registering beneficial interests, ultimate beneficial owners and shadow directors.

What must companies do?

UAE companies must comply with the reporting obligations prescribed by the UBO Regulations and maintain registers of ultimate beneficial owners and shareholders/trustees/shadow directors.

Date of application of the UBO Regulations

28 August 2020

Consequences of non-compliance

Administrative penalties may be imposed on companies that fail to comply with the UBO Regulations.

Pleased to assist

We would be pleased to advise on whether and how the UBO Regulations apply to you, and to provide guidance - step by step - on applicable requirements. 

Please contact Ahmed Hadeed for more details.

This article, together with any commentary, does not constitute legal advice. It is provided solely for information purposes on a complimentary basis, without consideration of any specific objectives, circumstances or facts. It reflects then current views of the writer which may modify in time and based on differing objectives, circumstances or facts. A writer's view may differ from views of colleagues and/or the firm. You should seek legal advice on each specific matter. Access to this article does not form an attorney-client relationship.