A UBO or Ultimate Beneficial Owner is the natural owner of any company who controls the business directly or indirectly. As of 2020, the UAE government has introduced new UBO laws under the Cabinet Decision No. 58 of 2020, where in every business operating in the UAE is required to keep a register of the Ultimate Beneficial Owner (UBO) and submit the same information to the relevant authorities. These regulations apply to both mainland as well as non-financial free zone companies.

UBO compliance is a legal obligation that supports the UAE’s efforts in anti-money laundering and transparency. Failure to disclose the identification of a beneficial owner may result in hefty penalties, license suspension, or business restrictions. Even dormant companies must fulfill UBO verification requirements to remain compliant.

To register your business’s UBO in the UAE, you have to follow some simple steps, the first of which is to get in touch with a registered UBO compliance and assessment agency like Asad Abbas & Co., who could guide you through the registration process.

Start by preparing a UBO register containing full details of the ultimate beneficial owner. Once you have collected all the information, you must then submit this information through the official portal of the relevant authorities. As your trusted UBO company, we help you through every step of the UBO registration process, including the submission of the information to the relevant licensing authorities. The process involves UBO due diligence, ensuring data accuracy, and providing a declaration of truthfulness. As a business owner in the UAE, you would also need to appoint a resident point of contact and keep the information updated within 15 days of any changes. At Asad Abbas & Co., we simplify the entire process, including UBO verification and submission, to ensure a smooth and penalty-free experience.

Get in touch with us today to learn more about our UBO compliance and registration process.

To complete the UBO registration process businesses need to provide the following set of documents -

• A valid trade license.
• Passport.
• Emirates ID copies of shareholders and UBO.
• Corporate structure charts
• A signed UBO declaration form.

You may also be required to provide supporting documents for ownership especially in complex company structures.

At Asad Abbas & Co., we ensure your documentation is in order for full UBO compliance, minimizing the risk of rejections or delays. We ensure that all the documents are submitted accurately and within the set timeframe for proper identification of beneficial owners and UBO due diligence.

What are the penalties for not complying with UBO regulations?

Businesses that fail to disclose or update their ultimate beneficial owner KYC details may face administrative fines ranging from AED 50,000 to AED 1,000,000. Non compliance with UBO regulations in the UAE leads to significant penalties for businesses, and repeated violations or failure to maintain UBO compliance, such as not updating the register within 15 days of changes can result in the license suspensions, board restrictions, or even closure of the UBO company.

Get in touch with us today to know moe about the penalties of not complying with UBO regulations.

Asad Abbas & Co. is a leading UBO verification and UBO due diligence company helping businesses stay compliant with the UBO regulations in the UAE, and accurately declare ultimate beneficial owners. We offer end-to-end solutions for UBO compliance in the UAE, assisting businesses in the identification of beneficial owners, preparing and maintaining the UBO register, and handling all required submissions to the licensing authorities. Whether you need support with ultimate beneficial owner KYC, documentation, or understanding complex UBO regulations, we provide tailored guidance to keep your UBO company fully compliant and penalty-free. Our team ensures accurate UBO verification, helps appoint a resident compliance officer, and updates your UBO records in accordance with deadlines.

Get in touch with us today to discuss your requirements in detail and to simplify your regulatory obligations.