UBO Declaration Services in Dubai | Proficient Accountants

Ultimate Beneficial Ownership (UBO) Compliance Made Simple with Proficient

Understanding UBO: Who’s Really Behind Your Business?

The concept of Ultimate Beneficial Ownership (UBO) revolves around identifying the individuals who truly own or control a business. These are the people who, either directly or indirectly, reap the benefits of the company’s operations. Transparency in UBO is crucial for combating financial crimes such as money laundering and terrorism financing.

With new regulations in the UAE mandating greater transparency, businesses must ensure they meet compliance requirements. Proficient is here to make the process straightforward, offering expert guidance tailored to your needs.

What is UBO and Why Does It Matter?

UBO compliance is a critical part of fostering trust and accountability in business operations. By revealing the real owners behind a company, UBO regulations:

  • Combat illegal activities like money laundering.

  • Improve corporate governance by enhancing transparency.

  • Enable financial institutions to assess and manage risk.

These regulations ensure a fair, ethical business environment, both locally and globally.

Key UBO Regulations in the UAE

Under the UAE’s Cabinet Resolution No. 58 of 2020, companies are required to disclose their UBO information to relevant authorities. This applies to businesses registered in mainland UAE and certain free zones, except:

  • Companies fully owned by the federal or local government.

  • Entities in free zones like the Dubai International Financial Centre (DIFC) or Abu Dhabi Global Market (ADGM).

  • Publicly listed companies already compliant with stock exchange disclosure norms.

Key Compliance Deadlines:

  • Businesses must submit their UBO registers during incorporation or by specified deadlines.

  • Timely updates are required to reflect any changes in ownership or control.

Who Qualifies as a UBO?

A UBO is typically an individual who:

  • Directly or indirectly owns 25% or more of the shares or voting rights of a company.

  • Exercises control over the company’s decision-making.

  • If no individual meets these criteria, the senior management may be designated as the UBO.

Required Information Includes:

  • Full name, nationality, and residential address.

  • Official ID (passport or national ID number).

  • Documentation detailing why the person qualifies as a UBO.

Maintaining accurate and up-to-date UBO records is essential to remain compliant.

How Proficient Simplifies UBO Compliance

At Proficient, we streamline your compliance process, ensuring your business meets UBO requirements efficiently and accurately.

Our UBO Compliance Services

  1. UBO Registration Assistance

    • Helping businesses register UBO details with relevant authorities.

    • Ensuring data is accurate, complete, and submitted on time.

  2. Ongoing UBO Reviews

    • Regularly updating UBO registers to reflect changes in ownership.

    • Conducting audits to ensure continued compliance.

  3. Maintenance of UBO Registers

    • Managing your UBO records to ensure they align with UAE regulations.

  4. Guidance for UBO Declarations

    • Offering expert advice on ownership structures and UBO declaration practices.

  5. Compliance Reporting

    • Preparing and submitting reports to licensing authorities.

    • Assisting with documentation for audits and inspections.

Explore Proficient’s Full Range of Services

Beyond UBO compliance, Proficient offers a comprehensive suite of business solutions, including:

  • Statutory Audits: Ensuring financial accuracy and adherence to regulations.

  • DMCC-Approved Audits: Specialized audits for businesses in Dubai Multi Commodities Centre.

  • Company Liquidation: Simplifying the process of closing businesses.

  • Forensic Audits: Investigating and resolving financial discrepancies.

  • Business Setup: Hassle-free support for establishing companies in the UAE and GCC.

  • Accounting Services: Reliable bookkeeping, tax filing, and financial reporting.

Stay Compliant, Stay Ahead with Proficient

Navigating UBO compliance doesn’t have to be complicated. With Proficient Accountants, your business is in safe hands. Our team of experts will guide you every step of the way, from registration to ongoing compliance.

Contact Us Today

Ensure your business is aligned with UAE’s UBO regulations. Get in touch with Proficient to simplify compliance and secure your company’s reputation in the global marketplace.

 

 

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