UBO Notification Service
Under the UAE’s regulatory framework, businesses are required to maintain transparency regarding their ownership structure, ensuring that ultimate beneficial owners (UBOs) are properly identified and reported.
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Ensure Transparency. Meet Regulatory Standards. Avoid Penalties.
The UBO Notification service is a crucial compliance requirement for all companies operating in the UAE, and at Vensor Business Setup, we provide expert assistance in submitting UBO notifications in accordance with UAE regulations.
Our UBO Notification Service ensures your business complies with the UAE’s Economic Substance Regulations and the Federal Law on Commercial Companies, which mandates the disclosure of information about the ultimate beneficial owners of a company to the UAE authorities.
Our UBO Notification Services Include
UBO Identification & Verification
We assist in identifying and verifying the UBOs of your business, ensuring accurate details are provided in compliance with UAE regulations.
UBO Notification Submission
We prepare and submit the UBO notification to the relevant authorities on your behalf, ensuring timely and correct filings.
Corporate Structure Review
Our team evaluates your corporate structure, ensuring that all beneficial ownership information is accurately represented and complies with UAE corporate laws.
Annual UBO Updates
We ensure your UBO details remain up-to-date by submitting any necessary updates whenever ownership structures change.
Legal and Compliance Advisory
We offer advisory on legal matters concerning UBO disclosures and advise on potential impacts of business restructuring on UBO reporting.
Establishing a business in Dubai involves a specific procedure.
Why is UBO Notification Important?
The UAE requires companies to disclose their ultimate beneficial owners for the following reasons:
Regulatory Transparency: Helps the government track financial crime, including money laundering, tax evasion, and corruption.
FATF Compliance: UAE’s commitment to complying with the Financial Action Task Force (FATF) recommendations, which are part of international efforts to prevent financial crime.
Due Diligence: Enables banks, regulators, and investors to understand the actual owners behind the companies they interact with.
Penalty Avoidance: Non-compliance can lead to financial penalties, restrictions on company activities, or even deregistration of your company in the worst cases.
Frequently Asked Questions
Who is considered a UBO under UAE regulations?
A UBO is a natural person who ultimately owns or controls a company, either directly or indirectly, and holds at least 25% of the company’s shares or voting rights.
Is the UBO notification a one-time process?
No, UBO information must be updated annually or whenever there is a change in ownership or control.
What happens if we fail to submit UBO notification?
Failure to comply with the UBO notification requirement may result in fines, penalties, or even dissolution of your company.
Do foreign shareholders need to disclose their details?
Yes, even foreign shareholders who meet the criteria for being a UBO must be disclosed in the notification.
How can Vensor assist with UBO compliance?
At Vensor Business Setup, we provide a comprehensive UBO notification service, from identifying the UBOs to ensuring your filing is submitted on time, accurately, and in line with all regulatory requirements.