Ultimate Beneficiary Ownership

The term ultimate beneficial ownership or UBO, is used to describe the process of determining who runs a business and making that information public. Dubai's UBO regulations exist to deter and punish criminal activities like money laundering and terrorism financing. Anyone with a significant control or ownership stake in a firm or other legal entity is considered a UBO and must be disclosed in accordance with UBO standards. These individuals play a pivotal role in the organization's leadership, decision-making, and financial stability.

Under UBO regulations, businesses must keep detailed and upto date records on their UBOs. This includes details on the individual, such as their full name, residential address, nationality, date of birth, and the degree to which they own or administer the entity. Organisations must store this information securely, as privacy and data protection are of paramount importance.

In order to avoid severe fines, reputational harm, and even legal action, businesses in Dubai must be extremely careful to follow UBO regulations. MA Auditing is an accounting business that can help you understand and comply with the UBO requirements, which are necessary for your company to maintain its legal and ethical standing within the UAE's regulatory framework.