Published: Oct 12, 2020

Real Beneficiaries – Compliance Deadline Approaching

Further to our recent alerts, by 25 October 2020, all entities who fall under the scope of Cabinet Resolution No. 58 of 2020 on the regulation of the Procedures of the Real Beneficiary (“Resolution 58”), must provide their respective commercial registrars with details of their Real Beneficiaries and the Partners/ Shareholders, as per the registers they are required to prepare and maintain.

You should keep in mind that, apart from Abu Dhabi Global Market, Dubai International Financial Centre, wholly Federal or local government owned (or their wholly-owned subsidiaries or branches) or UAE securities market listed entities, all UAE entities fall under the scope of Resolution 58.

 

Next Steps

We recommend that you prepare the Real Beneficiaries, Partners / Shareholder and Directors registers at your earliest opportunity.

Although some authorities may need more time to start accepting the relevant information than the 25th October deadline, this remains the statutory deadline for the businesses to meet.

 

Regulations to Follow

As far as sanctions for non-compliance with the Real Beneficiaries regime are concerned, the Cabinet shall issue a list of penalties, based on the proposal submitted by the Minister of Finance.

 

How Can we help?

We would be delighted to advise if your entity is subject to this regime and, if so, help you identify your Real Beneficiaries and prepare the Real Beneficiaries, Partners / Shareholders, Directors registers required under Resolution 58 (in Arabic / English, as the case may be).

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Disclaimer: This chat service should not be relied upon as a substitute for professional advice which takes account of your specific circumstances and any changes in the law and practice. No warranty is made as to the accuracy or completeness of the information provided via this service and no liability is accepted by Al Tamimi & Company Limited, its affiliates, partners or employees for any loss arising as a result of reliance upon the information provided.

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