UAE companies were in a rush to submit the details of the Real Beneficiary (UBO) to the Licensing authorities on or before 30 Jun 2021 in accordance with the Cabinet Resolution 58 of 2020. However the obligation of the companies does not end here.
Each company in the UAE is supposed to maintain the following Registers:
- Register of Beneficial Owner
- Nominee Board Member information
- Partners or Shareholders Register
The Registers have to be updated in case of any changes. Failure to maintain the above Registers could result in a penalty of AED50,000.
For further guidance in relation to the UBO resolution, please contact us on +971-4-3526330 or write to us on info@kaa.ae.