Ultimate beneficial Ownership
UAE Federal Law 20 of 2018 on Anti Money Laundering and Countering the Financing of Terrorism (the “AML Law”) and Cabinet Decision 10 of 2019 issued under the AML Law require business licensing agencies in the UAE to identify the ultimate individual beneficial Owner(s) of businesses licensed by them.
An Ultimate Beneficial Owner is an individual who ultimately owns or controls 25% or more of a Business Partner, whether directly as a shareholder, or indirectly via control of companies, other entities or structures that control the Business Partner (the “UBO”).
All new business partners registering as an FZLLC or as a Branch Office of a foreign (non-UAE) Company will be required to complete and submit the UBO Form as part of the registration and licensing process.
All existing business partners registered as an FZLLC or as a Branch Office of a foreign (non-UAE) Company will be required to complete and submit the UBO Form as part of their license renewal at the next renewal.
The Authority reserves the right to request any Business Partner to supply additional documentation and other verifiable information to evidence disclosures made in the UBO declaration. Certain Business Partners are exempt from making a UBO declaration.