MBI has been coordinating with Dubai Economy (“DED“) as well as the Ministry of Economy (“MoE“) to obtain updates regarding the required disclosures and submission procedures (“Disclosures”) of the Ultimate Beneficial Owner and/or nominee director/controller (“UBO“).
We understand that these Disclosures for new entity registrations or amendments to existing entities are mandatory and form part of the new registration applications with the DED. A new license of a relevant entity will not be issued without the Disclosures and its associated filings.
As part of the Disclosures, entities are required to provide the following (the “Required Documents”) details of which have been obtained today from the authorities:
- Full name as per the identity card or passport (Attach a true copy of valid identity card or passport).
- Nationality, Date and Place of Birth.
- Country of issuance, date issuance and expiry date of the identity card or passport.
- Residential address or the address which the notices shall be sent on it.
- Name of the relevant entity and address thereof.
- Identification of the beneficial owner capacity, in terms of either:
a. Ultimate ownership or control of the UBO, whether directly through a chain of ownership, control or by other means of control such as the right to appoint or dismiss majority of directors of the Legal Person (as defined in the Cabinet Decision);
b. Determination of a ratio of capital of the UBO, his shares and its nominee value; or
c. In the event if the UBO and more natural persons jointly own or control a ratio of capital in the Legal Person, all of them shall be deemed as jointly owners or controllers of such ratio.
- Disclosure of the number of other legal persons which the UBO owns, manages or controls accordingly.
- In the event if where no natural person is identified in accordance with the above-mentioned, the natural person who holds the position of a higher management official or who controls the Legal Person, by other means of control such as the right to appoint or dismiss majority of directors of the Legal Person shall be deemed as the UBO. As for existing entities, the authorities confirmed to us today that a representative must visit one of the following service centers in person, to submit the Required Documents to comply with the Disclosures:
- Allied Unik Business Centre;
- Dxb Businessmen Services Centre;
- Dubai National Government Services Centre;
- OnTime Centre – Mazaya;
- Premium Businessmen Services Centre;
- Good Hand Government Services Centre;
- One Click Government Transactions Centre;
- EQC Centre;
- Khidmaty Government Service Centre;
- First One Centre;
- Quick Stop Government Transactions Centre; or
- Ahlan Businessmen Services – DragonMart.
We recommend that all existing entities proceed with the Disclosures on urgent basis.
For any questions or inquiries, please feel free to contact:
Office 601, Maze Tower
Sheikh Zayed Road, Dubai, UAE
T +(971) 4289 2195
|ABU DHABI OFFICE
24th Floor, Al Sila Tower
ADGM Square, Abu Dhabi, UAE
T +(971) 2694 8668