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Ultimate Beneficial Ownership

Economic Substance Regulations (ESR)
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A front view of two female teachers sharing notes and teaching ideas as they walk along the corridor of the school they work at in Hexham in the North East of England. They are smiling and laughing as they walk along to their classrooms.

Ultimate Beneficial Ownership

As per cabinet decision No 58 of 2020, all companies (other than exempted) including free zones, licensed to carry on business in the UAE must maintain a register of partners or shareholders and a register of ultimate beneficial owners (UBO). The Regulations also require such companies to submit UBO information to the relevant registrar or licensing authority. The Regulations do not apply to companies that are directly or indirectly wholly owned by the federal or local government or their subsidiaries. Article 5 of this cabinet decision provides the points to identify the UBO. Accordingly, any person holding more than 25% ownership interest will be considered as the UBO. Listed companies having no single shareholders holding more than 25%, need to identify the chairman of the board or any member of the board as UBO.  M&M can assist in identifying and filing the UBO declaration in Dubai, UAE.