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UBO Declaration

The United Arab Emirates (UAE) has introduced a new regulation requiring companies operating in Dubai to declare their ultimate beneficial owners (UBOs). The UBO declaration is a process of identifying and reporting the individuals who ultimately own or control a company, including their personal information and percentage of ownership. This regulation aims to increase transparency and prevent money laundering and terrorist financing in the UAE. Companies are required to submit their UBO declaration to the relevant authorities, and failure to do so may result in penalties or fines. It is essential for companies to comply with this regulation to avoid any legal consequences and maintain their reputation and credibility in the market.
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UBO Declaration in UAE with Real Time Auditors and Consultants

The United Arab Emirates (UAE) has taken significant steps to enhance transparency in business ownership and combat financial crimes such as money laundering, terrorism financing, and tax evasion. One such measure is the implementation of the Ultimate Beneficial Owner (UBO) declaration, which requires companies to disclose information about their true owners. Real Time Auditors and Consultants, a leading financial services firm in the UAE, assists businesses in complying with UBO declaration requirements and maintaining up-to-date records. In this guide, we will discuss the importance of UBO declarations in the UAE, the process of submitting the declaration, and how Real Time Auditors and Consultants can help your business stay compliant.

Importance of UBO declaration in the UAE

  • The UAE has implemented UBO declaration requirements in line with international standards to:

    • – Enhance transparency in business ownership
    • – Strengthen the UAE’s reputation as a secure and compliant business hub
    • – Combat financial crimes such as money laundering, terrorism financing, and tax evasion
    • – Promote trust and confidence among investors and stakeholders

UBO declaration requirements

  • UBO is defined as any natural person who ultimately owns or controls, directly or indirectly, at least 25% of a company’s shares, voting rights, or ownership interests. The UBO declaration requirements in the UAE include:

    • – Identifying and verifying the UBO(s) of the company
    • – Providing detailed information about the UBO(s), including full name, nationality, date of birth, identification number, and residential address
    • – Submitting the UBO declaration to the relevant authorities, such as the Department of Economic Development (DED) or the respective free zone authority
    • – Maintaining up-to-date UBO records and notifying the authorities of any changes within 15 days

UBO declaration process with Real Time Auditors and Consultants

Real Time Auditors and Consultants can guide your business through the UBO declaration process by:

A. Identifying the UBO(s):

Their experienced team will help you identify the UBO(s) of your company, ensuring that you accurately disclose the necessary information.

B. Verifying the UBO information:

Real Time Auditors and Consultants will assist you in verifying the information of the identified UBO(s), ensuring that you submit accurate and up-to-date records.

C. Preparing and submitting the UBO declaration:

Their team will help you prepare the UBO declaration form and submit it to the relevant authorities, ensuring that your company is compliant with the UAE’s regulations.

D. Maintaining UBO records:

Real Time Auditors and Consultants will assist you in keeping your UBO records up-to-date and notifying the authorities of any changes as required.

Additional services offered by Real Time Auditors and Consultants

In addition to UBO declaration assistance, Real Time Auditors and Consultants offer a wide range of financial and business advisory services, including:

  • – Company formation and registration
  • – Accounting and bookkeeping
  • – Auditing and assurance
  • – Tax consulting and compliance
  • – Financial advisory
  • – Payroll management
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Complying with the UBO declaration requirements in the UAE is crucial for maintaining a transparent and trustworthy business environment. Real Time Auditors and Consultants can help you navigate the UBO declaration process, ensuring that your business remains compliant and up-to-date with the latest regulations. By leveraging their expertise and services, you can focus on your core business activities while maintaining a strong reputation in the UAE’s competitive business landscape.

Benefits of Outsourcing at Real Time

  • Cost Effectiveness
  • Increased Efficiency
  • Focus on Core Areas
  • Save on Infrastructure and Technology
  • Access to Skilled Resources
  • Time Zone Advantage

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