Latest News

We understand the importance of availability, and we act on it.

UAE Firms Must Disclose Ultimate Owners by Next Month or Be Subject to Fines


Fines would be levied on companies that do not disclose the identity of their real owners.

Safia Al-Safi, the director of the Anti-Money Laundering Department at the UAE Ministry of Economy, in an interview with CNBC Arabia, said fines would be levied on companies that do not disclose the identity of their real owners, effective of July 1st, which is to apply companies except for government-owned corporations or publicly traded entities.

This new legislation is in order to increase transparency of information and to combat anti-money laundering activities.

The requirement will be to ensure all corporate entities maintain a real beneficiary, in addition, Emirates ID or passport copies should be provided.

According to the Resolution, real beneficiaries are individuals who own or ultimately control a corporate entity through the direct or indirect ownership of 25% or more of an entity’s shares or voting rights. The Resolution also provides that such control can also arise through other means, such as by having the right to appoint or dismiss a majority of a company’s managers. The Resolution sets out additional factors to consider when determining a real beneficiary; however, if ultimately no individual can be identified, the real beneficiary will be the person who oversees senior management (i.e. the person(s) having the decision making authority of an entity) and has the right to appoint or dismiss most of the Managers.

You might also like...
Emiratisation Penalty upto AED 72,000/- Will Take Effect from 1 Jan 2023
Starting from 1 January 2023, private sector companies with 50 employees or more that have not raised Emiratisation targets by 2% of skilled jobs in 2022, will be fined according to the Ministry of Human Resources and Emiratisation (MoHRE).
read More
FTA Sets Deadline 31 December 2022 to Apply for Re-determination of Administrative Penalties on Taxes
The UAE's Federal Tax Authority (FTA) urged eligible registered taxpayers to apply for the re-determination of administrative penalties on taxes prior to the 31 December 2023 deadline.
read More
Facilities for Small Projects Subject to Corporate Tax
The Ministry of Finance revealed its intention to offer facilities for small projects subject to corporate and business tax, noting that details of these facilities will be announced during the first half of next year.
read More
Thanks, got it!
Something went wrong, please try again.

Use our online calendar to set up your own appointment and connect to an elawyer for a consultation.