UAE publishes rules for maintaining the register of beneficiaries

UAE publishes rules for maintaining the register of beneficiaries

Since October 2020, UAE companies have been forced to provide data on the ultimate beneficiaries. The Cabinet of Ministers of the Emirates adopted Resolution No. 58, which contains the requirements for maintaining this register. In particular, all companies will report on the beneficiaries, except for those whose activities are carried out on the territory of free economic zones. The beneficiary information must be submitted to the registrar or licensing authority.

Operating companies must prepare and submit data by October 23, 2020. After receiving a certificate of registration in the UAE, the newly created company has 60 days to submit all the necessary data. In accordance with the provisions of the Resolution, legal entities are obliged to maintain and keep in the official registers of ultimate beneficiaries, shareholders and directors (managers).

If the management has changed in the company, this must be reported no later than 15 days from the date of such change. Information about the company is provided by all legal entities, regardless of its form of ownership.

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