6 Jun

REMINDER: SUBMISSION OF ULTIMATE BENEFICIAL OWNERS (UBO) DECLARATION

We have reached out to you earlier regarding the UBO regulation under UAE Cabinet Resolution No. 58 of 2020 where 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.

With this, we urge you to submit your company’s UBO declaration to RAKEZ by Wednesday, 30 June 2021. Please make this matter a priority as non-submission of UBO will lead to your company incurring penalties as per the newly announced Cabinet Resolution number 53 of 2021, effective Thursday, 1 July 2021.


What do you need to do and know?


  • UBO declaration submission is mandatory for all companies that did not submit since October 2020 to date, as per the UAE Cabinet Resolution No. 58 of 2020.
  • The UBO submission is applicable to all types of companies that are wholly owned by individual shareholder(s) or by corporate shareholder(s).
  • Businesses that are solely owned by the federal or local government are exempt from the requirements of the Resolution.
  • If there are changes relating to the UBOs and shareholders of a company after the submission of UBO declaration, 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.

How to submit the UBO Declaration Form?


  • All you need to do is click here to download the UBO Declaration Form, fill it with the required information and submit it to ubo@rakez.com along with a copy of a valid passport or identity card. For the corporate shareholding companies, the organisation chart is also required.
  • Or, use your company licence number in order to proceed with the electronic method of UBO declaration submission by clicking here no later than 30 June 2021.

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

For more clarifications, please send your queries to ubo@rakez.com.

Kindly note that you do not need to re-submit the UBO declaration if you have already submitted it to RAKEZ during the period from October 2020 to date.

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