UAE Cabinet Decision No 58 of 2020 – “Regulating the Beneficial Owner Procedures”, regulates the registration of Partners, Shareholders and Ultimate Beneficial Owners of legal entities in the UAE and provides guidance of law application to Company Registrars of the competent licensing authorities.
The Cabinet Decision makes mandatory the creation and maintenance of a Shareholder or Partner Register and a Register of Beneficial Owner.
The Shareholder or Partners Register must be updated within 15 days from any change and it shall include:
- Number of shares held by each shareholder, their category and voting rights.
- Date of entering and exiting the capital of the company.
- For natural persons: Name, Nationality, Address, Place of Birth, Name and Address of Employer and true copy of passport or id
- For corporate shareholders or partners: Name, Legal Form, Memorandum of Association, Head office Address. In case of a foreign entity, it should register the Name and Address of the legal representative of the corporate body in the UAE as well as a proof of that. Additionally, it should provide names of the relevant persons holding higher management positions with their details.
- The Register shall include also the data of Trustors or Nominee Board Members.
The UBO Register must be created upon establishment of a company and updated within 15 days of any change. It shall include the following for each Beneficial Owner:
- Full name, nationality, date and place of birth.
- Residential address or the address which the notices shall be sent on it
- Number of passport or identity card, the country of issuance, date of issuance and expiry.
- Basis and date on which the person became a Beneficial Owner of the Legal Person.
- Date on which the person ceased to be a Beneficial Owner of the Legal Person.
Date Effected: 24/08/2020
Status: In force