argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: UAE - final beneficial owners - transparency

As part of a series of legislative changes to improve transparency in corporate matters, the UAE adopted a resolution concerning the regulation of procedures relating to final beneficial owners (UBO). These regulations entered into force on 28 August 2020.
The regulations provide a legal framework for the declaration and registration of final beneficial owners and their interests. All companies in UAE must comply with the reporting obligations provided for by the regulations. These declarations had to be made by 27 October 2020 to the competent authority. According to the new regulations, a company must prepare: a UBO register that is of the natural persons who own or control a company or have voting rights and own at least 25% of the company’s shares, either through direct or indirect possession or who have the right to appoint or remove the majority of the directors of the company; a second register of appointed directors, which includes details of directors acting under the direction of a third party; and a third register of shareholders/partners, which includes the number of interests held by each shareholder/partner and the voting rights attached to those interests and the date of acquisition of the same.