ULTIMATE BENEFICIAL OWNER (UBO)
Ultimate beneficial owner is the ultimate owner of the legal entity , the real owner of the power structure of the entity. UBO is always a natural person.
UBO IN UAE
As per the definition provided by the authorities UBO is the natural person who ultimately owns or controls the Legal Person, whether directly or through a chain of ownership or control or any other indirect means, and also the natural person on whose behalf the transactions are being conducted or who exercises ultimate control over a legal person and finally owns or controls direct or indirect equity shares or shares of 25% or more.
It is for the law enforcement institutions and tax authorities to know the real owners of the entity in order to counter money laundering and combating financing terrorism.
UBO declaration form
IN UAE legal representative of the entity will form a UBO declaration form to the registering authority by all free zone and mainland companies except for Public shareholding companies, companies owned by 100% by the federal, local or associated companies, for all kind of activities.
Companies need to identify the control and ownership structure for every individual who might have direct or indirect interest or shareholding in the company and determine if犀利士
anyone falls under the definition of UBO.
How to file UBO declaration?
You need to have a registered account with your registering authority there you will file your UBO form.