UAE: Beneficial ownership disclosure rules, increased transparency
UAE: Beneficial ownership disclosure rules
The UAE Ministry of Economy published Cabinet Resolution No. 58 of 2020 (28 August 2020) concerning the procedures related to “real beneficiaries.”
The resolution requires companies based in the UAE mainland and commercial free zones to maintain registers of their beneficial owners and shareholders. Further, there are requirements for companies to file their registers with the relevant registrar and licensing authorities. The information maintained in the register could be shared by the Ministry of Economy with foreign governments at their request, under international cooperation measures.
This development is a further step by the UAE to align with the OECD’s transparency and BEPS initiatives, and builds on the work done to implement economic substance regulations. Beneficial ownership information may also be required to be reported under the UAE economic substance regulations.
Read an October 2020 report prepared by the KPMG member firm in the United Arab Emirates
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