Dubai Healthcare City Ultimate Beneficiary Ownership Guidance

Ultimate Beneficiary Ownership Guidance

On 28th August 2020, the UAE Ministry of Economy published Cabinet Resolution No. 58 of 2020 (the 'Decision') on the "Regulation of Procedures Related to Real Beneficiaries". The Decision requires companies based in the UAE mainland and commercial free zones to maintain registers of their beneficial owners and shareholders. Further, the decisions require that the companies registered in DHCA to file their registers with the DHCA through the Masaar portal.

Objective:

• To maintain UAE's economic position with International requirements
• To regulate minimum obligations in disclosure of Beneficial Owners, Shareholders, Partners & Nominee Board Members
• To have effective & enduring regulatory mechanism & procedures for the beneficial owner data

Beneficial Owner or Real Beneficiaries:

• A person that ultimately owns or controls, whether directly through a chain of ownership or control or by other means of control such as the right to appoint or dismiss the majority of its Directors, 25% or more of the shares or 25% or more of the voting rights in the Legal Person.

• If no real Beneficiary...