UBO Ultimate Beneficial Owner form – RAKEZ Companies

The Ultimate Beneficial Owner, better known as UBOs Declaration Form, is a new compliance document recently introduced. All existing and onboarding companies and organizations must submit the form upon incorporation or if they make any corporate amendments. In this article, we will take a quick look at the Ultimate Beneficial Owner Declaration Form and why you need to submit the same.

 

Ultimate Beneficial Owner for RAKEZ Companies

As per UAE Law 20 from 2018, the Ras Al Khaimah Economic Zone, better known as RAKEZ, requires this form to maintain compliance. Furthermore, the information in the UBO declaration form helps implement Anti-Money Laundering strategies and combat the financing of criminal organizations and terrorism. RAKEZ must maintain a UBO register that contains accurate and updated information regarding all the UBOs of companies within its jurisdiction. After submitting the form, and companies must update the data within 15 days of changing any administrative policy.

For enquiries, call +971 45 570 204 / E-mail: support@kgrnaudit.com

Who is a UBO?

A UBO is any individual who owns or controls a business entity within the RAKEZ. He or she is any individual on behalf of whom the organization conducts activities or makes transactions. For a company, a UBO is any individual who fulfils any of the following criteria:

  1. Owns/controls at least 25% of the shares or company voting rights
  2. Directly or indirectly owns/holds at least 25% of the shares or business voting rights
  3. Directly or indirectly has the power to appoint or remove a majority of the Board of Directors
  4. Exercises or has the right to exercise an influence over the corporate body
  5. Exercises ultimate control over the corporate management
  6. Controls the corporate body in any way
  7. If a nominee holds any of the shares or rights, the UBO is the one for whom the nominee acts.
  8. If the nominee works for a legal entity, the UBO is the individual who exercises control over the said legal entity.
  9. In partnership, the UBO is the person who controls 25% or more of either the capital or the voting rights of the partnership.
  10. In a trust, a UBO may be an individual, trustee, settlor or beneficiary who exercises control over the trust.

For enquiries, call +971 45 570 204 / E-mail: support@kgrnaudit.com

Further Notes Regarding the UBO Declaration Form

  1. If the shareholder acts as a nominee, they must fill Section 3 using the details of the individual on whose behalf the nominee acts
  2. If you represent an individual, you must complete Section 3 using the details of that said individual.
  3. If you represent a legal entity, you must complete Section 3 using the details of the person who controls the legal entity.
  4. If there are more than one UBOs, you must submit a separate Declaration Form for each of them.
  5. Companies must attach a copy of the UBO’s passport along with the form.

 

For enquiries, call +971 45 570 204 / E-mail: support@kgrnaudit.com



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