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The government of UAE issued Cabinet Resolution 58 in place of Cabinet Resolution 34 on August 28, 2020. The reason for this resolution is to compliance Ultimate Beneficial Owner Procedures. It included guidelines on UBO for new firms and already working companies in it. As a result, there is high corporate transparency.
All the registered business organizations must establish a list of their UBO in the UAE. Further, they need to maintain a register of shareholders. Our creative team streamlines the process of your compliance. We do it for the reason of decreasing regulatory risk. Therefore, identifying and verifying beneficial owners in real-time. It allows your company to get a legal declaration with your compliance obligations. Furthermore, you can reduce the risk of money laundering too. It is because of practical and accurate data at your fingertips. As a result, you can decide confidently.
What is UBO in the UAE?
It is an individual or an institute with over 25% of shares of a company and voting rights. Further, it is also the person or party that ultimately benefits from any transactions made by a firm.
According to the resolution, the UBO in the UAE is the entity that owns a company either directly or indirectly. A person with 25% rights has the power to reject or accept they considered directors as a UBO.
If there is no person to meet the above conditions, the UBO must be an entity that controls the firm in other ways.
If no entity met the above-stated conditions, it would consider a person appointed over a higher management designation in a company, the UBO.
In case, two persons are shareholders, it will count all of them as joint owner of the ratio.
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How to verify UBO
It can take the below approaches to verify the UBO of a business:
- Firstly, get the credentials of a legal entity to check the registration and legitimation of a company.
- Secondly, get data of ownership chain of a legal entity to evaluate all the entities. It further included those who have direct or indirect ownership of the company through its interests or shares.
- Thirdly, the ownership share, shareholders according to percentage, and leadership hold of all beneficiary owners. It will assist you in evaluating the individuals coupled with the high of a handle in a firm.
- Moreover, there is a comparison of each beneficiary owner’s leadership and hold level. The contrast is with the UBO identification standards presented by resolution 58. It will include the entities that meet the conditions in the UBO.
- Above all, having expert can deliver help in UBO identification. Once we evaluate UBO, a company must collect the required information and gather the Register of Beneficial Owner to submit it to the authorities. The declaration process identifies UBO and collects data regarding UBO.
- The resolution demands legal entities to develop and manage the below:
- Register of Beneficial Owner
- Nominee Board Member information
- Register of Partners or Shareholders
The Register of Beneficial Owner will contain the latest data regarding a company’s identified UBO. The register must enter the below information of the UBO:
- Firstly, full name, place, date of birth, and nationality
- Secondly, residential address(es) to which notices shall send.
- ID card or passport number, issuing country, and the issue date and expiry date
- Further, the date and the basis on which the individual became the company’s UBO.
- The date on which the individual stopped being the company’s UBO.
- You can get the further information to meet the above documentation in Cabinet Resolution 58/2020’s guidelines.
By successive accomplishment with the resolution, legal units get a UBO Certificate. This delivers prove that a firm has verification of its UBO in the UAE. Moreover, it also assures that it manages an updated data register on its UBO.
Furthermore, a UBO certification cannot be valuable if a firm has to deal with financial law implementation. It is the Licensing Authority hence issues the certificate.
How can A E Y Accounting LLC assist?
A E Y Accounting LLC has the expertise and knowledge demanded to help entities follow up the resolution. Verification and declaration of your UBO is sensitive concern. The collected data must be exact and reliable.
Current status overview
We have the expertise and professionals needed to deliver you the demanded guidelines. Moreover, we will help collect and verify all the initial data you must register with your authorities.
Once we collect the data, they can organize it and gather it according to guidelines delivered by the authorities. Further, we assure error-free registration, precisely according to resolution.
Deliver continuous support
Units are usually required to deliver more data during the registration process. We can also assist you in preparing any further reliable and quick information you need.
Regular evaluation and review
We evaluate and monitor all the changes too. Once we complete it, we update it in your data. Further, we assure error-free reviews and notify the leaders within 15 days. Hence, we act responsively whenever authorities need a review.
If the UBO of your company ever changes, you need to deliver notice to the unit. Moreover, we help you in this process, assuring that you register in compliance with the law.
We keep the information delivered to authorities private. A E Y Accounting LLC ensures the complete safety of your data.
We are always ahead to provide the best accounting services to you.
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