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Beneficial Owner:​​

Description:

The beneficial owner (BO) is the natural person who ultimately owns or controls a legal entity directly or through a chain of ownership or control or other indirect means. The BO is also the natural person on whose behalf transactions are conducted or who exercises final effective control over a legal person and finally owns or controls direct or indirect equity shares or shares of 25% or more.

 

Federal and local laws and regulations related to the beneficial owner:

-        Federal Decree-law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations. Click here to download.

-        Decision No (10) of 2019 concerning the Executive Regulations of Federal Decree Law No (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations. Click here to download.

-        Cabinet Resolution No. (58) of 2020 Regulating Beneficial Owner Procedures. Click here to download.

-        Cabinet Resolution No. (53) of 2021 Concerning the Administrative Penalties Against Violators of the Provisions of Cabinet Resolution No. (58) of 2020 Regulating Beneficial Owner Procedures. Click here to download.

-        Beneficial owner data identification list. Click here to download.

-        List of partners /shareholders data record. Click here to download.

-        Circular regarding brokers and real estate agents. Click here to download.

-        Circular regarding traders of precious metals and stones. Click here to download.

-        Circular regarding auditors. Click here to download.

-        Circular regarding corporate service providers. Click here to download.

-        Circular No. 5 of 2021 regarding the registration in goMAL. Click here to download.

-        Circular regarding the grace period for registration in goMAL. Click here to download.

-        Circular regarding legal consultancy offices. Click here to download.

-        Circular on filling goMAL requirements for precious metals traders. Click here to download.

 

Persons authorized to provide beneficial owner data:

The acknowledgment must be submitted by the company’s legal representative, such as, at least, one of the directors.


 

Beneficial Owner Data:

1.              Name

2.              Gender

3.              Date of birth

4.              Passport number

5.              Nationality

6.              Residence address

7.              Mobile number

8.              Emirates ID number for residents

 

To register

Adding Beneficial Owner​

How to register Beneficial Owner:

-Registration through the Ras Al Khaimah Government Services website www.rak.ae​
-Visiting customer happiness service centers

Frequently Asked Questions (FAQs):

1.     Who is authorized to provide the beneficial owner data?

-        The acknowledgment must be submitted by the company’s legal representative, such as, at least, one of the directors.

2.     Is it necessary to register the Beneficial Owner of the legal partner in the license?

-        The legal person partner in the commercial license is subject to registration in the Beneficial Owner data, as well as the partners or shareholders in the entity of the legal person until the Beneficial Owner is identified.

3.     Is it necessary to register the Beneficial Owner for all legal forms?

-        All companies registered in the UAE, including the free zones, are subject to the registration procedures with the Beneficial Owner data, with the exception of Public Shareholding companies and companies owned 100% by federal or local government agencies or companies affiliated with companies owned 100% by the UAE as well.

4.     Is it necessary to register the Beneficial Owner for all types of activities (commercial, industrial, professional, tourism)?

-        Yes, the Beneficial Owner must be registered for all types of activities in the Commercial Registry system.

5.     Is it necessary to register the Beneficial Owner for all types of licenses?

-        The Beneficial Owner must be registered in all types of licenses.

6.     Can the Beneficial Owner be a natural person who is not related to the parties in the license?

-        All commercial license holders must be registered with the Commercial Registry of the Department of Economic Development, regardless of the legal form of the company.

7.     Is it necessary to register Beneficial Owners if they are non-citizens of the UAE and have not previously entered the country?

-        Yes

8.     Should the concerned authorities be provided with any identification documents pertaining to the Beneficial Owner?

-        With regard to the natural person, it is necessary to provide the concerned authority with a copy of the passport or the Emirates ID of the citizens of the UAE; as for the legal person registered in the UAE, the concerned authority must be provided with the statute of the company. The foreign company must also provide the concerned authority with the name of the legal representative and provide proof of that. The company must keep a record of the Beneficial Owner that includes his personal data, place of residence, address, nationality, and all data such as e-mail, contact numbers and other information that have been mentioned in the Cabinet Decision No. (58) of 2020.

9.     Should the Beneficial Owner own shares in the license or contribute to the capital?

-        It is not necessary for the Beneficial Owner to own shares in the company or contribute to the capital, as he/she can be the natural person who occupies a senior management position (controlling the company’s decisions) in the event that the Beneficial Owner cannot be determined as required.

10.  Is it possible to amend the data of the Beneficial Owner of the license?

-        Yes, the amendment may be made via the electronic fields prepared by the concerned authority in advance for this purpose.

11.  Is it possible to replace / change the Beneficial Owner of the license?

-        Yes, the amendment may be made via the electronic fields prepared by the concerned authority in advance for this purpose.

12.  Is there a legal age for the Beneficial Owner of the license?

-        There is no stipulation in the law that specifies a specific age for the Beneficial Owner.

13.  Can the Beneficial Owner be appointed for the main license and another Beneficial Owner be appointed for the branches?

-        This is not possible, as the Beneficial Owner is the person who controls the company or group of companies, or who owns 25% of the company.

14.  Is the Beneficial Owner of the foreign company's branch appointed in the UAE or in the country of origin?

-        The Beneficial Owner is the one who actually controls the company whether in the country of origin or registered in the UAE.

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For inquiries:

Dial: +97172044444

Email: compliance@economic.rak.ae