The UAE has introduced additional compliance regulations regarding Ultimate Beneficial Owners (UBO), which require certain actions from all companies registered in the UAE.
Cabinet Decision No. 58 of 2020 the UAE updated their corporate compliance regulations regarding real beneficiaries for the companies in the UAE (excluding those registered in DIFC and ADGM), thereby further strengthening the applicable compliance regime in the UAE.
This new regulation requires companies to establish and maintain a register of shareholders, UBOs and nominee directors. Companies are required to make a submission of such register to the competent licensing authorities by the licensing authority due date.