Ultimate Beneficial Owner (UBO) Filing in the UAE

UAE companies must identify their Ultimate Beneficial Owners (UBOs), keep a UBO register, and file the details with their licensing authority. The rules, set out in Cabinet Decision No. 58 of 2020, aim to improve transparency, and non-compliance carries penalties. Safeway prepares and maintains UBO registers and handles the filing and updates.

What UBO compliance involves

• Identifying the natural persons who ultimately own or control the company (generally 25% or more of shares or voting rights)
• Maintaining a register of beneficial owners
• Maintaining a register of partners or shareholders and nominee directors
• Filing the information with the relevant licensing authority
• Updating filings within the required time whenever details change

Who it applies to

Most mainland and free zone companies must comply, with limited exemptions such as entities wholly owned by the government. Even single-owner companies have to file.

How Safeway helps

• Preparing the UBO, shareholder and nominee registers
• Filing with the licensing authority
• Keeping filings current as ownership changes

Frequently asked questions

Who is an Ultimate Beneficial Owner?

The natural person who ultimately owns or controls the company, generally through holding 25% or more of the shares or voting rights, or who otherwise exercises control.

Do free zone companies need to file UBO details?

Yes. Most mainland and free zone companies must maintain a UBO register and file with their licensing authority, with only limited exemptions.

What happens if we do not file UBO information?

Licensing authorities can impose administrative penalties and other sanctions for failing to maintain or file the required UBO information.

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