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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
The UAE Ministry of Cabinet Affairs issued the Cabinet Resolution No. 34 of 2020 on the regulation of the Procedures of the Real Beneficiary (“Resolution”), which came into effect on 28 August 2020 (“Commencement Date”). The Resolution introduces the concept of a “Real Beneficiary” into the onshore business environment.
The Resolution applies to all UAE entities, apart from those registered in the Abu Dhabi Global Market, Dubai International Financial Centre or those whose shares are listed on a stock exchange.
Under the Resolution, the Real Beneficiary is:
A natural person (“Owner/Controller”) who has the ultimate ownership/control/right to vote over a UAE business (“Company”), directly or indirectly (through a chain of ownership/control) concerning at least 25% of the Company; or
A natural person who has the right to appoint/dismiss the majority of the directors of the Company;
In absence of the above, a natural person who manages or administers the Company;
In absence of the above, a natural or a legal person who is the senior manager of the Company.
The member who acts in accordance with the guidelines, instructions or will of another person.
Under the Regulation, by 27 October 2020, the Company shall produce, update and keep at its office premises (and share with relevant authorities when required) the register (“Registers”) of:
Your business is required to:
If you require assistance with the preparation of these Registers or any other related matters, please let us know and we will be happy to provide our support.
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