The UAE have made another step in their intense efforts to implement, and comply with, international transparency standards. Cabinet Resolution No. 58 of 2020 on the Regulation of the Procedures of the Real Beneficiary (“Resolution“) entered into effect on 28 August 2020. The Resolution regulates the disclosure and registration requirements regarding all stakeholders in UAE mainland and free zone companies (except for DIFC and ADGM entities for which other rules apply). All these companies must keep and maintain at their premises a “Register of Ultimate Beneficial Owners”, a “Register of Partners or Shareholders” and a “Register of Nominee Directors and/or Managers” (“Registers“). All information pertaining to Ultimate Beneficial Owners (UBO), shareholders and nominee Directors and/or Managers must be filed with the registrar and/or the licensing authorities. The companies have to take reasonable measures to file correct and up-to-date data including the supporting documents. The companies are obliged to appoint a UAE resident as contact person and forward these details as well to the Registrant. The details of the required information and documentation requirements are published by the authorized authorities (e.g. RAKICC or RAKEZ). In respect of a natural person the following information is required:
- full name;
- date of birth;
- residential and home country address;
- country of residence;
- nationality (including all nationalities held);
- passport number (copy of passport will be required);
- the date on which that person became a beneficial owner; and
- the grounds on which that person is considered to be a beneficial owner.
- owns or controls more than 25% of the shares or voting rights;
- ultimately owns or controls whether directly or indirectly more than 25% of the shares or voting rights in the company; or
- hold the rights to appoint or remove a majority of the directors/managers.