Regulation of the Procedures of Real Beneficiary
UAE Cabinet passed Decision No. 58 / 2020 to regulate disclosure by corporate entities in the UAE mainland and in the non-financial free zones at the initial incorporation/registration stage, and maintenance thereafter, of a “Register of Real Beneficiaries” and “Register of Partners or Shareholders”.
Such registers shall be filed with the registrar and licensing authorities responsible for supervising the register of commercial trade names registered in the UAE.
The filing deadline of the Registers is sixty (60) days from the date of publication of the Decision i.e. 27 October 2020 or at the time of incorporation/registration of a new Entity. Any changes to the information contained therein must be updated within fifteen (15) days.
For further info, please read the full article on https://bsatest.net/brief-on-the-new-uae-cabinet-decision-no-58-2020-on-the-regulation-of-the-procedures-of-real-beneficiary/ or contact us for insights.