Best Auditing & Accounting Company Dubai
ULTIMATE BENEFICIARY OWNER
(UBO) ADVISORY
The anti-money laundering regulation in the UAE requires business owners to prepare, submit and maintain a beneficial owner registry with their relevant licensing authorities.
The term beneficial owner refers to a person who holds 25% or more ownership in a business and has complete control over the business and its management. When a company operates on a corporate chain system, it gets difficult to identify the beneficial owners.
The beneficial owner register must include information such as the beneficial owner’s passport details and the corporate shareholder entity’s address. The same information must also be included in the ultimate beneficial owner (UBO) declaration form that is to be submitted to the licencing authorities.
The UBO declaration can be submitted to the portals established by the UAE free zone authorities. Mind that each free zone authority has its own established deadlines. The UBO registers are submitted to the department of economic development, while DED has the authority to block the licence of the companies that fail to submit all the required documents before the deadlines.
With the announcement of economic substance regulation in the UAE, the UBO details have become complex to fulfil as the ESR report demands details of the ultimate parent company and ultimate beneficial owner.
Affiliated experts at Synergy Auditing have vast experience and can help you in the following ways:
Identifying the beneficial owners
The term beneficial owner refers to a person who holds 25% or more ownership in a business and has complete control over the business and its management. When a company operates on a corporate chain system, it gets difficult to identify the beneficial owners.
The beneficial owner register must include information such as the beneficial owner’s passport details and the corporate shareholder entity’s address. The same information must also be included in the ultimate beneficial owner (UBO) declaration form that is to be submitted to the licencing authorities.
The UBO declaration can be submitted to the portals established by the UAE free zone authorities. Mind that each free zone authority has its own established deadlines. The UBO registers are submitted to the department of economic development, while DED has the authority to block the licence of the companies that fail to submit all the required documents before the deadlines.
With the announcement of economic substance regulation in the UAE, the UBO details have become complex to fulfil as the ESR report demands details of the ultimate parent company and ultimate beneficial owner.
Affiliated experts at Synergy Auditing have vast experience and can help you in the following ways:
Identifying the beneficial owners
- Preparing all the related documents such as the UBO register, UBO declaration form, and partners register.
- Gathering the supporting documents necessary for submitting the UBO documents.
- Submitting the UBO documents to the DED within the given timeframe.
- Submitting the UBO details in the company’s portal.