Cabinet Decision No. (109) of 2023 On Regulating the Beneficial Owner Procedures
Cabinet Decision No. (109) of 2023 On Regulating the Beneficial Owner Procedures
The Ministry of Economy published the Cabinet Decision No. (109) of 2023 On Regulating the Beneficial Owner Procedures
Objective:
- This resolution overrides the earlier legislation known as the Cabinet Decision No. (58) of 2020 concerning the regulation of Beneficial Ownership Procedures.
- This resolution sets forth the obligation of the corporate entities in the UAE to maintain the complete and updated register of their beneficial owners.
- This resolution calls for corporate entities to furnish the details of their UBO’s with the Registrar to fulfil disclosure requirements.
FAQs About Cabinet Decision No. (109) of 2023 On Regulating the Beneficial Owner Procedures
What is Cabinet Decision No. (109) of 2023 On Regulating the Beneficial Owner Procedures?
The Cabinet Decision (109) of 2023 On Regulating the Beneficial Owner Procedures overrides the earlier Cabinet decision No 58 of 2020 and governs the process of corporate entities maintaining the register and database containing details of their UBO’s.
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