The UAE Ministry of Economy has authorized licensing authorities across the nation and in the non-financial free zones to start implementing administrative penalties and fines for corporations that do not submit the requested ultimate beneficial ownership (UBO) information. The execution of penalties for non-compliance will begin as of 1 July 2021.

“All establishments registered in the UAE must create a register of the ultimate beneficiary and provide required data correctly before 30 June 2021, in accordance with Cabinet Resolution No. 53 of 2021 on administrative penalties against violating the ultimate beneficial owner procedures,” the ministry said.

All registered businesses are responsible and liable to comply with the latest regulation.

For more information, please get in touch with the UAE Ministry of Economy – https://www.moec.gov.ae/en/home