Cabinet Decision No. (58) of 2020 Regulating the Beneficial Owner Procedures

Objectives:
1. Contribute to the development of business environment, capacities of the State and its economic position in accordance with the international requirements, by regulating the minimum obligations of the Registrar and Legal Persons in the State, including the licensing or registration procedures, regulating the Register of Beneficial Owner and the Register of Partners or Shareholders.

2. Develop effective and sustainable executive and regulatory mechanisms and procedures for the beneficial owner data.

Read our complete guide to UBO verification.

FAQs About Cabinet Decision No. (58)

Cabinet decision No 58 of 2020 UAE regulates the beneficial owner procedures. It governs the process of collecting and maintaining the Register of beneficial owners and the Register of Partners of Shareholders.

The Beneficial Owner procedure is the process of collecting data on persons who hold shares or voting rights in the legal person. The procedures also include maintaining this data, forming a Register of Beneficial Owners and updating it as and when changes occur to the information on ownership.

The legal person must maintain a Register of Beneficial Owners within 60 days of obtaining a license. The legal person must submit the data contained in this register to the Registrar. It must make relevant efforts to protect this register from damage or loss.

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Cabinet Decision No. (58) of 2020 Regulating the Beneficial Owner Procedures