The natural person who ultimately owns or exercises effective control, directly or indirectly, over a Customer or the natural person on whose behalf a Transaction is being conducted or, the natural person who exercises effective ultimate control over a legal person or Legal Arrangement.
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.
- The natural person who own 25% or more of the shares
- The natural person who has the right to appoint or dismiss the majority of its Directors.
- Where no natural person is identified as a UBO then the natural person who holds the position of a higher manage
Where no natural person is identified as a beneficial owner then the natural person who holds the position of a higher management official shall be deemed as the Beneficial Owner.
Importance of knowing the ultimate beneficial owner is to prevent the money launderer from hiding the source of the dirty money or the identity of the persons related to this money. Failure to verify the identity of these beneficiaries will facilitate the money laundering process and affect the economy in general.
A Specific Register of the Beneficial Owners in the Legal Person, which include the following data in respect of each Beneficial Owner:
- Full name, nationality, date and place of birth.
- Residential address or the address which the notices shall be sent on it, by virtue of this Decision.
- Number of passport or identity card, the country of issuance, date of issuance and expiry.
- Basis and date on which the person became a Beneficial Owner of the Legal Person.
- Date on which the person ceased to be a Beneficial Owner of the Legal Person.
It’s the register which includes the data of each of partner or shareholder. The Legal Person must update and record any change to the Register within (15) fifteen days of becoming aware of such change. The Register of Partners and Shareholders shall include:
- Number of shares held by each of them along with their categories and associated voting rights.
- Date on which such partner became Beneficial Owner of the Legal Person.
In case of natural partners or shareholders: the full name as it appears on the identity card or the passport, nationality, address, place of birth, name and address of employer and a true copy of the valid passport or ID.
In case of corporate partners or shareholders:
- Name, legal form and memorandum of association.
- Head office address or the principal address of business.
- In case of a foreign Legal Person, the name and address of its legal representative in the State, with a proof thereof.
- Articles of Association or any-other similar documents approved by the Relevant Entity in the State.
- Names of the relevant persons who are holding higher management positions in the Legal Person, providing their data from their passports or identity cards, including such documents’ numbers, issuance and expiry dates and issuing entity.
Any natural person who acts in accordance with the directives, instructions or wills of another person and the Legal Person shall enter into the Register of Partners or shareholders the data of any partner(s) or shareholder(s) acting as Nominee Board Member.
As per Cabinet Resolution (53) of 2021 Administrative penalties for violators of the provisions of the Cabinet Resolution (58) of 2020 Regulating Beneficial Owner procedures the penalties start from AED50,000 and may reach to AED100,000 and a suspended license for 12 months.
It is the natural resident person who is authorized by the company to provide any information and documents required from the company.
A natural or legal person who transfers the management of his funds to a trustee by virtue of a deed.
A natural or legal person who enjoys the rights and authorities granted by the Trustor or the Trust Fund, to manage, use and dispense of the Trustor’s funds in accordance with the conditions imposed on him by either of them
If the Ultimate Beneficial Owner is working for another company, please mention this company name and address. But if not mention the same name and address for the company registered in Meydan Free Zone.
- Maintain a register of partners or shareholders, containing data of real beneficiaries and a register of the nominal members of the administration.
- Submit this information to the affiliated licensing authority.
- Notify the licensing authority of any changes or amendments that occur to the information provided within 15 days of the occurrence of that change.
- Appoint a contact person (legal representative) for the licensing authority regarding the real beneficiary data.
- Take reasonable steps to ensure transparency, obtain accurate information regarding the beneficial owner, and update the information in the records on a regular basis.