WHO & WHERE:
• All UAE companies, both in mainland and free zone companies with few exceptions.
WHAT:
• Introduced disclosure and record keeping requirements in relation to UBO, nominee director, partner / shareholder.
WHY:
• Originating from Anti Money Laundering (AML) legislation in the UAE.
WHEN:
• First reporting deadline announced by Ministry of Economy is 30 June 2021 (it may be sooner, depending upon respective Registrar)
HOW:
• Administrative & procedural guidance is provided by respective Registrar
Key Takeaway:
• Correct identification of the UBO
• UAE contact person details to be provided in the submission
• Maintenance of registers, as applicable
• Potential further queries from the Registrar
• Updating any changes with the Registrar within prescribed
deadline
• Possibility of information exchange under the international
laws / conventions (example : Economic Substance Regulations, Country by Country reporting, Common Reporting Standards)
