Important �Ultimate Beneficial Ownership� queries now answered!

Ms-ca12 Mar, 2021Finance

The Department of Economic Development in reference to its Cabinet Resolution No. (58) of 2020 regarding the regulation of the true beneficiary procedures has made the notification submission live. What is the purpose of UBO? 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.

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