Must UAE companies maintain a register of beneficial owners?
Yes. UAE legal persons must identify their real beneficial owners and maintain a register of beneficial owners containing accurate and up-to-date information. The company must also provide this information to the relevant registrar, and keep both the register and the filed information current when changes occur.
Alongside the beneficial owner register, companies are generally required to keep a register of partners or shareholders and details of any nominee arrangements. Changes to beneficial ownership information must be notified to the registrar within a short window, typically fifteen days of the change. Maintaining these registers is not merely administrative: providing false beneficial ownership information, or failing to keep the register, exposes the company and responsible individuals to penalties. Accurate beneficial ownership records also underpin the customer due diligence that banks and other regulated entities must perform on the company.
Legal Reference (UAE):
ยท Cabinet Resolution No. 109 of 2023 on Real Beneficiary Procedures, Article 8 - obligation to create and maintain a register of beneficial owners.
For more details, consult the full text of Cabinet Resolution No. 109 of 2023 or seek guidance from your AML compliance officer.