Given the increasing and dynamic regulatory requirements in the present environment, the risk of non-compliance often gets overlooked.
We, at Kaizen, understand the impact of these risks on your business and provide the best Compliance Outsourcing Services in Dubai UAE.
Here are the effective and efficient solutions we provide:
Ultimate Beneficial Owner
A major change in regulations concerning ultimate beneficial owner (UBO) procedures has come into force in UAE. The UAE Cabinet issued Cabinet Resolution no (58) of 2020 concerning regulation of the real beneficiary procedures (“UBO Regulations”) and this was enacted on 28th August 2020.
The UBO Regulations establish a framework for reporting and registering beneficial interests, ultimate beneficial owners (“UBO”) and professional directors.
All UAE companies, whether you are considered “onshore” or “offshore”, must comply with the reporting obligations under the UBO Regulations.
This reporting is directly to the authority that the company is registered under. It should be noted that DIFC and ADGM registered companies remain unaffected by the new regulations.
Non-compliance with the preparation and subsequent updating of any of these registers may lead to administrative fines.
Offering the best compliance Outsourcing services in Dubai, we help our clients to comply with this UBO requirement and to ensure they maintain the required records to demonstrate compliance as well.
