20 Oct


As per the UAE Cabinet Resolution No. 58 of 2020, all companies licensed or registered in the UAE (excluding in the financial free zones) are required to create and maintain a record of their Ultimate Beneficial Owners (UBO) and submit UBO data to the relevant licensing authority. Therefore, we urge our licensed companies to submit their UBO declaration to RAKEZ by Tuesday, 27 October 2020.

Please note the Resolution only applies to companies licensed or registered in UAE mainland and free zones, and not to businesses that are wholly owned by the federal or local government.

Who are considered as UBOs?

  • UBOs are natural persons who ultimately own or control or have the right to vote over at least a 25% shareholding of the company, whether through a direct or indirect ownership or who have the right to appoint or dismiss the majority of the directors/managers.
  • If no natural person satisfies the condition above, then any natural person who exercises control over the company through other means shall be deemed as the UBO.
  • If no natural person satisfies both the conditions above, then a natural person who is responsible for the senior management of the company will be deemed as the UBO.

  • For further information on how to identify a UBO, please refer to the Frequently Asked Questions, here.

    What do you need to do and know?

  • If there are changes relating to the UBOs and shareholders of a company after the submission of UBO declaration on 27 October 2020, RAKEZ Registrar must be notified within 15 days of that change. Also, the company's internal registers should also be updated within 15 days of the company's management becoming aware of such change.
  • If companies are found to be non-compliant, the UAE Ministry of Economy may impose sanctions on those companies according to the list of administrative sanctions, which will be issued soon.

  • How to submit the UBO Declaration Form?

    All you need to do is click here click here to download the UBO Declaration Form, fill it with the required information and submit to ubo@rakez.com, not later than 27 October 2020.

    For more clarifications, please send your queries to the same email ID mentioned above.