Ultimate Beneficial Ownership (UBO) Compliance Services In the UAE
Make your Corporation Transparent and Fill Regulatory Confidence with AlbabTax
As the world continues to place increasing importance on financial integrity, Ultimate Beneficial Ownership (UBO) compliance has become an urgent need of all UAE businesses. And whether you are operating in the mainland, free zones or the Dubai International Financial Centre (DIFC), the UAE requires you to be open about the ultimate ownership or control of your entity.
Our UBO compliance services are customized to assist your business to comply with the law, minimize risk and uphold corporate credibility at AlbabTax.
What is UBO and Its Importance
An Ultimate Beneficial Owner (UBO) is the natural person who ultimately owns or controls a company, either directly or indirectly, i.e. through holding companies or nominee arrangements.
UBO Compliance is required in:
- Combating Money laundering and tax evasion
- Complying With UAE and global FATF requirements
- Creating transparency in Ownership structures.
- Enabling safe International transactions
In the UAE, the owners of 25 percent or more of a company are likely to be considered UBOs.
UAE UBO Regulations You Should Not Miss
Pursuant to Cabinet Resolution No. 58 of 2020, UAE Businesses Must:
- Keep a current UBO Register
- File UBO information With the Ministry of Economy (MOE)
- Change update with 15 days
- UBO records must be stored safely within five years
Failure to comply would impose fines between AED 50,000 to AED 100,000 in addition to regulatory penalties.
DIFC UBO Compliance
There are also DIFC-specific UBO requirements that entities registered in the Dubai International Financial Centre (DIFC) need to comply with. These regulations promote more openness and are closely overseen by the DIFC Registrar of Companies.
In the DIFC, the inability to submit UBO information or keep appropriate records can lead to a fine or license suspension.
AlbabTax UBO Services
We assist you in identifying and reporting the true beneficial owners even in the most complicated corporate vehicles.
What we are doing:
- Shareholding and Voting rights analysis
- Determine direct and Indirect UBOs
- Layer ownership and control structures
UBO register Establishment & upkeep
We prepare a compliant UBO Register of your company in the format and structure as required by the UAE MOE.
We Provide the following services:
- Preparation of the first register
- Change Management and track updates
- Compliance reviews on an Annual basis
UBO Declaration filing (MOE portal & DIFC portal)
AlbabTax can help you to fill your UBO declaration correctly and on time via:
- ESR Portal of the Ministry of Economy
- DIFC Company Services portal
We make sure your data will be submitted accurately, safely, and in time – without any penalties or returns.
Support of Arabic UBO Documentation
UBO declarations that are translated to Arabic are frequently requested by the regulatory authorities in the UAE. Our dual-language professionals make certain that your papers are regulation ready and lawful.
We provide:
- UBO register translations Arabic-English
- Proclamations and documentation
- Conformity to formal templates and style
UBO Due Diligence & Risk Checking
We Offer high-tech UBO Verification and due diligence services to Companies that engage in cross border transactions or operate in high risk Industries.
We provide:
- Jurisdictional ownership screening
- Partner and Client beneficiary checks.
- Audit Preparation and risk assessments
Why AlbabTax?
- Qualified compliance consultants who are well versed with UAE & DIFC laws.
- Correct, quick and confidential management of UBO requirements
- One-stop shop: identifying, reporting, translating and lodging.
- Ensures small company and multi-national support.
Avoid Penalties Guard Your License Build Transparency
UBO compliance is not an option anymore. AlbabTax can assist you in keeping up with changing rules professionally and clearly. Get in touch with us now to receive a free UBO compliance consultation and become fully aligned with the regulators.
