Ultimate Beneficiary Ownership Guidance
Ultimate Beneficiary Ownership Guidance
On 28th August 2020, the UAE Ministry of Economy published Cabinet Decision No. 58/2020 (the ‘Decision’) on the “Regulation of Procedures Related to Real Beneficiaries”. The Decision requires companies based in the UAE mainland and commercial free zones to maintain registers of their beneficial owners and shareholders. Further, the decisions require that the companies registered in DHCA to file their registers with the DHCA through the Masaar portal.
Objective
To maintain UAE’s economic position with International requirements
To regulate minimum obligations in disclosure of Beneficial Owners, Shareholders, Partners & Nominee Board Members
To have effective & enduring regulatory mechanism & procedures for the beneficial owner data