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UBO – Ultimate Beneficial Owner Services in Dubai, UAE

Qamar Al Ahmar > UBO – Ultimate Beneficial Owner Services in Dubai, UAE

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Overview of UBO Declaration In The UAE

Over the past few years, the UAE government has been coming up with more and more effective measures against money laundering and terrorist financing activities. One of these decisions was Cabinet Decision No. 58 in 2020 regarding Regulation of the Procedures of the Real Beneficiary. This decision mandates that companies registered in the UAE, both free zones and the mainland, must maintain a register of the Ultimate Beneficial Owner (UBO) and submit it to the relevant authorities. This will become a crucial part of the license application procedure or incorporation of a company, both in the mainland or in the free zones.

This regulation’s main intention is to bring more transparency in the UAE economic framework via improved disclosure and record-keeping requisites for companies. The Ultimate Beneficial Owner (UBO) regulations in Dubai will ensure that companies pay adequate attention to their ownership structure to avoid non-compliance with anti-money laundering and anti-terrorism financing laws.

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Ultimate Beneficial Owner (UBO) Disclosure in the UAE

The Resolution requires entities licensed in the UAE (unless exemptions apply) to prepare and file an Ultimate Beneficial Owner (“UBO”) register, Nominee Director register (if applicable) and a Partners or Shareholders register, with the relevant authority within sixty (60) days from the date the Resolution came into effect, being 27 October 2020, or by the date the entity is established. Whilst certain Free Zones have already implemented rules and processes to file UBO data, further guidance from a number of other Free Zone authorities and the Department of Economic Development (for onshore entities) is expected in relation to the filing mechanisms.

Here are some more reasons why internal audits are performed in Dubai -

UBO Register

The UBO Register must have the details of the company’s “Real Beneficiaries,” which, according to the UBO Law, is defined as: Natural persons who own/control, either directly or indirectly, a minimum of 25% of the company’s share capital, or those who hold at least 25% of the voting rights, or those who control the company via mean, i.e., by having the right to appoint or dismiss a majority of the directors or managers.
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UBO Exemptions

Companies listed on the regulated stock exchanges and the subsidiaries of such listed companies do not need to submit any separate registers with information about Ultimate Beneficial Owner to the Registrar. The disclosures made by them to the relevant stock exchanges will be counted as the relevant required submission in its place. Those companies wholly owned by a local or federal government body or are set up in the DIFC, or ADGM financial free zones are also exempted since they are subject to their own UBO disclosure requirements.

 
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UBO Law Offences and Penalties

A small error or discrepancy in your financial statements can create a huge issue if it goes unnoticed. External auditors help businesses find errors in their financial statements before they are presented to investors or stakeholders. As soon as auditors find any misinformation, they provide guidance to correct those errors.

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Ensure Transparency

As external auditors are not part of the in-house team, they are more reliable. An external audit report enables transparency and ensures stakeholders that the financial statements are accurate. It improves the trustworthiness and credibility of the organization.
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Fraud and Malpractice Prevention

External audit services help you find any discrepancies in the financial statements. By tracking the discrepancies, you may find fraud or financial malpractices in your company. External auditors help you find such fraudulent activities quickly and maintain transparency in your financial records.
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Ensure Compliance

External audits are mandatory for the annual renewal of your trade license in the UAE. As the UAE government introduced VAT and CIT, regular external audits ensure compliance and eliminate any legal issues.
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Why Qamar al Ahmar

The new UBO regulations require businesses registered and licensed in the UAE to maintain registers and submit their details to local authorities. As one of the leading business set up consultants in Dubai, Qamar al Ahmar can help you assess the structure of ownership essential to comply with UBO regulations. Our consultants can help you prepare the various registers and arrange filings with the pertinent authorities.

  • Maintain the UBO and allied registers
  • Avoid the fines and penalties
  • Comply with regulations
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Expert Bookkeeping Services We Offer

As a top accounting and auditing firms in Dubai, UAE Qamar al Ahmar Auditing provides a number of services to help you smoothly run your business. We proudly stand among some of the top-tier agencies in the UAE that offer bookkeeping services.

Our expert bookkeepers cover a wide range of day-to-day bookkeeping services to manage all your financial needs.

Why Choose Qamar al Ahmar for External Audit Services in Dubai

Qamar al Ahmar offers comprehensive external audit services in Dubai, UAE to improve your business operations. We follow all external audit guidelines and provide accurate audit reports that reduce any risk caused by wrong data.

By selecting us, you select –

  • Auditors with extensive industry experience
  • Assurance that your business operations are conducted fairly
  • Affordable costs as per the industry standards
  • Unbiased review and recommendations to improve your business operations

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Expertise

We help in maintaining the UBO and allied registers and make the necessary changes or amendments to the information provided.

Ease

We make sure that our clients comply with regulations at all times during the business set up in UAE and afterward.

Clarity

We help our clients avoid the fines and penalties that are a result of violations.

Frequently Asked Questions

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VAT = Value Added Tax levied on the consumption or use of goods and services at each point of sale. It is in existence in more than 180 countries around the world. The end-consumer ultimately bears the cost.
All local and international businesses in the UAE must register for VAT if their total taxable turnover exceeds the threshold of AED 375,000. Registration must be completed within 30 days of crossing the threshold, or else the business might face fines or penalties. Businesses not meeting the required registration threshold of AED 375,000 can still voluntarily register for VAT if their turnover threshold reaches AED 1,85,000.
In-order to obtain VAT Certificate from the Federal Tax Authority the applicant must consider various aspects such as, whether to register asVoluntary ApplicantMandatory RegistrantTax GroupStandalone
VAT Certificate is a Statutory Document issued by the Federal tax Authority confirming the registration of the applicant mentioning the Tax Registration Number (TRN) & the period for which the Tax Returns need to be filed.
In terms of Standard Rated Supplies, the Percentage of VAT is 5%. However, there are Exempt & Zero-Rated Supplies as well.
Once the Tax Period & the frequency of VAT Return filing in UAE i.e. whether Monthly or Quarterly is defined in the Tax Certificate then accordingly the company has to file its tax returns on the 28th of the month following the end of the tax period.
Penalty in-case of failure of the registrant to submit a tax return within the timeframe specified by the tax law. AED 1,000 for the first time and  AED 2,000 in case of repetition within 24 months.