UAE has published and implemented Cabinet Resolution No. 58 of 2020 on the Regulation of Procedures Related to Real Beneficiaries. The Resolution introduces new requirements for entities to disclose its beneficial owners. The main purpose is to enhance transparency of entities registered in the UAE, as well as to develop effective and sustainable executive and regulatory mechanisms and procedures in respect of beneficial owner data.
The cabinet resolution requires all companies licensed or registered in the UAE (except those in DIFC, ADGM or companies wholly owned by UAE government) to hold and maintain a Register of Beneficial Owners and a Register of Shareholders (or Partners) in their registered office premises.
Furthermore, companies are being required to submit the said Register of Beneficial Owner and Register of Shareholders (or Partners) to their respective licensing authority (the respective Free Zone or the Ministry of Economy), which are free do adopt their own filing terms, such as format and process, and deadlines from 27th of October 2020.
Read the resolution here: UAE Cabinet Resolution No. 58 of 2020