Have you furnished Ultimate Beneficial Owner details?
Jebel Ali Free Zone Authority (JAFZA) has announced extension to furnish Ultimate Beneficial Owner (UBO) details up to 31st March 2021 for licensees registered with them.
Regulation applicability - Ultimate Beneficial Owner Procedures Regulation commonly known as UBO was introduced in the UAE vide Cabinet Decision No. 58 of 2020 to be effective from 27 August 2020.
Objective - Enacting these regulations, the UAE is seeking to take progressive steps in its commitment to comply with international good governance standards
Coverage and exclusion - This regulation is applicable to all licenses (only legal person) situated in UAE except the following:
What is UBO - UBOs are natural persons who ultimately own or control or have the right to vote with minimum 25% shareholding of the company, whether through direct or indirect ownership or who have the right to appoint or dismiss the majority of the Directors / Managers
Compliance deadline - As per the Regulation, the details of Ultimate Beneficial Owner (UBO) are supposed to be filed by all the licensees (Legal Person) within 60 days of the promulgation of the decision i.e. by October 27, 2020. However, most of the Licensing Authorities have issued their own deadlines to be adhered to comply with Beneficial Owner Procedure Regulations.