Ultimate Beneficial Owner
BHMJ provides the service of UBO declaration.
What is UBO declaration in the UAE?
a. According to the Resolution passed by the UAE Cabinet, UBO is a person who directly or indirectly owns and controls a company.
This means:
The person owns 25% or more of an entity’s shares
Has at least 25% of voting shares
Controls the entity through any other means such as appointing or dismissing the majority of directors
b. If such a natural person as mentioned in (1) is not available, UBO will be a person who has control over the company through other means.
c. If no natural person is identified via conditions mentioned in (1) and (2), a person appointed by higher management shall be considered as a UBO
d. If any of the conditions specified above are satisfied by one or more persons, then everyone shall be considered a UBO.
Who is a UBO in a company?
UBO is an individual who holds the most amount of control in the company and owns maximum benefits from the business.
How to submit UBO in UAE?
To submit online:
Browse to htttps://ded.ae
Go to e-services
Add/ modify beneficiary
Login with a UAE pass
Fill in required data and upload documents
To submit in person: Authorized representative of the entity shall go in person to the service center and submit the necessary documents
What is the meaning of UBO?
A UBO or Ultimate Beneficial Owner is the person that is the ultimate beneficiary when an institution initiates a transaction.
What is UBO in UAE?
The UBO is the natural person who, directly or indirectly, owns and controls a company. Who? Individuals with ownership of at least 25% shares or voting rights of a company or someone with the power to dismiss and appoint a majority of a company’s directors.
Can a UBO be a legal person?
A UBO must always refer to a natural human. A UBO has to be a person and cannot be a legal entity. He/she follows the ownership chain upwards till all persons having the ownership have been identified.