Dubai Economy has Extended the Deadline for Providing 'Beneficial Owner' Data to June 30
Dubai Economy stated that the deadline for all registered firms in Dubai to update their Beneficial Owner data to the commercial registration has been extended until June 30, 2021. Dubai Economy also advised firms to provide Beneficial Owner data by the revised date, as required by UAE Cabinet Decision No. (58) of 2020, to avoid legal ramifications.
As part of strengthening corporate compliance in the UAE in line with worldwide best practices, Cabinet Decision No. (58) of 2020 mandates all registered firms in the UAE to identify the name and submit data of their Beneficial Owner to be listed in the commercial registry.
To this note, name, nationality, gender, passport number, residential address, and cell phone number are all essential data for the Beneficial Owner. Regardless of their type (e.g., commercial, professional, or industrial), or legal form, all registered firms in Dubai must record their Beneficial Owner data.
Similarly, customers may use the Add / Modify the Beneficial Owner option by login into the Dubai Economy e-Services website. After that, the buyer will be sent to another screen where they will provide the Beneficial Owner information.
Moreover, before a payment voucher for a company registration or licensing transaction is given, each client conducting a transaction at Dubai Economy is automatically notified by text message of the Beneficial Owner data.
After that, the client may enter the Beneficial Owner info by clicking the link supplied in the SMS message. Business owners who send a text message to the number ‘6969' to request Auto Renewal of their licenses also get a link to the Beneficial Owner registration.