+971 50 291 4059
+966 56 233 0183
Cabinet Resolution no (58) of 2020 regulating Beneficial Owner Procedures (the “Resolution”) took effect on August 28, 2020, and replaced Cabinet Resolution No. 34 of 2020 issued earlier. The Resolution covers the most updated requirements for the entities in UAE to disclose their Ultimate Beneficial Owners, which intends to enhance the transparency of the UAE-registered entities. It also plans to develop effective and sustainable executive and regulatory mechanisms and procedures for beneficial owner data and improve implementation to ensure International Compliance and global confidence.
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.
Federal And Local Laws And Regulations Related To The Beneficial Owner
- Cabinet Decision No. (58) of 2020 Regulating the Beneficial Owner Procedures.
- Cabinet Decision No. (16) of 2021 Regarding the Unified List of the Violations and Administrative Fines for the Said Violations of Measures to Combat Money Laundering and Terrorism Financing.
- Cabinet Resolution No. (53) of 2021 Concerning the Administrative Penalties against Violators of The Provisions of the
- Cabinet Resolution No. (58) of 2020 Concerning the Regulation of Beneficial Owner Procedures.
Beneficial Owner Data
The following 8 basic data need to be provided:
- Name
- Gender
- Date of birth
- Passport number
- Nationality
- Residence address
- Mobile number
- Emirates ID
Declaration Of The Beneficial Owner Form
Download Form here
The Mechanism Of Registering Beneficial Owner Data
Outsourced service centers:
- When performing any procedure related to a specific license and before the issuance of the payment voucher related to the procedure, a text message is automatically sent to the customer to enter the Beneficial Owner data of the license. The customer must enter the link received in the text message and follow the procedures.
- The customer can also register the Beneficial Owner data through the service centers without the need to initiate a new procedure on the license, as he/she can request the service from the employee at the service center who will in turn activate the sending of a text message to enter the information relating to the Beneficial Owner data of the license by following the procedures in the link received.
The renewal of the license via text message to 6969:
- When a customer requests to renew the license via text message to the number 6969, an SMS is automatically sent to him/her to enter the Beneficial Owner data of the license to be renewed. The customer must enter the link received in the text message and follow the procedures. Once the Beneficial Owner is identified, the license renewal procedure will be completed automatically and the payment voucher link will be sent to the customer.
Dubai Economy’s e-services:
This service is available to customers registered in Dubai Economy’s e-services. To register, please visit DubaiDed
- When performing any procedure related to a specific license and before the issuance of the payment voucher related to the procedure, the customer will be transferred to another screen to enter the information of the Beneficial Owner data of the license, and the customer must follow the procedures shown in the screen.
- The customer can also register the Beneficial Owner data through e-Services without the need to initiate a new procedure on the license, as he/she can log in to DubaiDed and select the required license, and then choose the Add / Modify the Beneficial Owner button. He/she will then be transferred to another screen to enter the Beneficial Owner data of the license and follow the procedures shown in the screen
The Mechanism Of Modifying Beneficial Owner Data
Outsourced service centers:
The customer can modify the Beneficial Owner data through the service centers by requesting the service from the employee at the service center who will in turn activate the sending of a text message to enter the information of the Beneficial Owner data of the license by following the procedures in the link received.
Dubai Economy’s e-services:
This service is available to customers registered in Dubai Economy’s e-Services. To register, please visit DubaiDed
The customer can modify the Beneficial Owner data through e-Services without the need to initiate a new procedure on the license, as he/she can log in to DubaiDed and select the required license, and then choose the Add / Modify the Beneficial Owner button. He/he will then be transferred to another screen to enter the Beneficial Owner data of the license and follow the procedures shown in the screen.
Not sure were to begin ?
Schedule a free consultation with our Senior Business Consultant
Jassim Karadan, Senior Business Consultant
Start your business in Saudi Arabia with J K Management Consultancy. From licensing to setup, we provide expert guidance to help you establish and grow your venture in the Kingdom’s thriving economy. Your success is our priority
WhatsApp
