Deadline to furnish UBO for licensees registered with DED:

15th June 2021

Regulation applicability 

Ultimate Beneficial Owner Procedures Regulation commonly known as UBO was introduced in the UAE vides Cabinet Decision No. 58 of 2020 to be effective from 27 August 2020.

Deadline to furnish UBO in Dubai Mainland  

The Department of Economic Development (DED) has announced deadline to furnish Ultimate Beneficial Owner (UBO) details upto 15th June 2021 for licensees registered with them.

LicenseDue Date
Dubai Mainland                                
(DED Mainland Company)
 Owner of the licensee Need to Visit nearest DED Department Physically to submit the UBO
Meaning of UBO

A UBO of a legal entity is a person who, ultimately owns or controls, whether directly through a chain of ownership or control

Penalty for violating real beneficiary procedures

Written warning followed by a fine of AED 100,000,  in the event of repeated violation which could lead to suspension of license for at least a year.

Besides the penalties, as a company, you may face the loss of reputation and lose out on customer confidence.

How Can RVG Help?

At RVG, we offer a range of services that will help your business adhere to regulatory compliance and verify the Ultimate Beneficial Owner of any company.

● Prepare registers of the UBOs, Partners / Shareholders and Nominee Directors / Managers (if applicable), in accordance with the Resolution.

● Arrange filing with the authorities.

● Inform the relevant authority of any changes or amendments to the information provided.