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Legal Visions, Healing Touch: Shaping the Future of Healthcare

The first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.

Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!

Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.

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Published: Feb 3, 2019

Your DIFC Business Has UBOs

Further to the numerous changes adopted by the authorities in relation to DIFC businesses, and some enquiries we’ve been getting in respect of the UBO regime, please keep in mind every DIFC business:

  1. has ultimate beneficial owners (“UBOs”);
  2. is required to prepare and maintain a UBO register; and
  3. must file UBO details with the Registrar of Companies via the DIFC portal.

You must comply with the above requirements by 10th of February 2019.

Failure to do so may result in the imposition of a fine on your company in the sum of USD 25,000.

 

How Can We Assist You?

Our team of experts will be delighted to assist you in:

  1. assessing who the UBOs of your business are;
  2. drafting the UBO register; and
  3. submitting the UBO details via the DIFC Portal; of your entity.

If you require any assistance in this regard, please let us know and we will be happy to provide our support.

 

Key Contacts:

Izabella Szadkowska
Partner, Corporate Structuring
i.szadkowska@tamimi.com