UBO rules: Does it apply to everybody?

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Date2/27/2021 8:21:17 AM
971 55 4145900971 55 4145900
971 55 4145900971 55 4145900
In the last quarter of 2020, the UAE government came up with updated UBO rules to be followed by companies and things have changed a bit. The regulations have come in light of making business and handling business more transparent between owners of said businesses and the governing bodies/authorities. The transparency allows the authorities to take records and document who is benefitting from which company and business. UBO requirements are government levied regulations that need the owner of any company with at least 25% of the shareholding in the company to get registered and document themselves as the ultimate beneficial owners(UBO) with the governing authority.

To fulfill this regulation, you need a UBO register who is a natural person who ultimately owns or controls or has the right to vote with a minimum of 25% shareholding of the company, whether through direct or indirect ownership or who have the right to appoint or dismiss the majority of the Directors/Managers of that company. If no natural person satisfies the foregoing condition, then any natural person who exercises control over the company through other means shall be deemed to be the UBO and if no natural person satisfies this condition then a natural person who is responsible for the senior management of the company will be deemed the UBO.

Quantum Auditing as a financial accounting firm helps your organization achieve complete and exact UBO requirements according to what the authority requires. Working in the field has given them a strong knowledge of the UAE laws and regulations and how to go about the procedures. If you want to go through the process without much exaggeration they’re definitely an option you want to consider for counseling and financial advisory.
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