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.
The UAE has implemented UBO declaration requirements in line with international standards to:
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:
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.
In addition to UBO declaration assistance, Real Time Auditors and Consultants offer a wide range of financial and business advisory services, including: