Deadline 30 – June -2021
With reference to cabinet decision number (58) of 2020 regulating the beneficial owner procedures, and to avoid administrative and financial sanctions as stated in cabinet decision number (53) of 2021 relating to administrative sanctions for beneficial owner procedures violators which starts with written notice for violated company and can reach “in case of re-violating” to AED 100,000 and cessation for the trade license for a period not less than a year, hence we urge you to immediately submit your Beneficial Owner declaration before 30/06/2021
Beneficial Owner Definition:
Whoever person that ultimately owns or controls, whether directly through a chain of ownership or control by other means of control such as the right to appoint or dismiss the majority of its directors, 25% or more of shares or 25% or more of voting rights in the legal person.
Required data: According to the Cabinet Decision No. (58) of 2020 Regulating the beneficial owner procedures
1) Name (Arabic/English)
2) Nationality
3) Date and Place of Birth
4) Gender
5) ID/Passport Number
6) Date of Issuance and Expiry Date of the ID or Passport
7) Ratio of Ownership/Control in the capital/number of quotes or shares and its nominal value and associated voting rights
8) Residential address or the address which the notices shall be sent on it
9) Name of the entity and address thereof
10) Date on which the person became a Beneficial Owner
11) Representative Capacity (Chairman/Managing Director/ General Manager .. etc
