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UBO UAE

UBO UAE

The fight against money laundering, tax evasion, and other financial crimes is on a rise across the world. Globally, organizations and companies are focusing on achieving compliance with AML/CFT norms. One of the requirements for this is identifying the Ultimate Beneficial Owner (UBO) of a company.
In regards to this, the UAE released Cabinet Decision No. 58 of 2020 to regulate the UBO requirements and procedures. The Resolution came into effect on August 28, 2020. It replaced the previous Cabinet Resolution No. 34 of 2020.
Accordingly, the applicable entities must disclose their Ultimate Beneficial Owner/s by the stipulated date. The initial deadline for filing UBO details was October 27, 2020, which was extended further. Compliance with this regulation proves the entity as transparent and honest with the authorities.

Ultimate Beneficial Owner

Besides the Register of UBO, entities must also maintain a register of Partners or Shareholders. They are also expected to maintain a Register of Nominee Directors and/or Managers. They must also notify the relevant authority of any change in any of the above registers within 15 days of such change.
With such compliance, it becomes easier to trace financial crimes when they occur. Authorities get a guarantee that entities are complying with global AML and CFT requirements. This is how the UAE economy is making efforts to reduce money laundering and terrorism financing activities.
Ultimate Beneficial Owner

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Ultimate Beneficial Owner UAE

Ultimate Beneficial Owner (UBO) UAE

UBO UAE understands the criticality of these Ultimate Beneficial Owner requirements. So, to make your life easier, we relieve the stress of UBO compliance requirements from your head.

We are a leading provider of UBO compliance services to entities in the UAE. Our relevant expertise and knowledge of the UAE market enable us to handle your UBO compliance smoothly.

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UBO UAE helps you achieve the necessary compliance with UBO requirements

Ultimate Beneficial Ownership UAE : FAQs

UBO Regulations in UAE aims to mitigate the financial threat as these regulations help to identify the who will be benefitted ultimately from the actions

The UBO shall be the person who, directly or indirectly, owns and controls a company. Individuals with ownership of at least 25% shares and voting rights of a company, or someone with the power to dismiss and appoint most of a company’s directors shall be considered as a UBO. 

Cabinet Decision No. (58) of 2020 Regulates the Beneficial Owner Procedures which is in line with Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations and Cabinet Decision No. (10) of 2019 on the Executive Regulations of Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations.  

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