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Find out moreThis comprehensive guide is designed to help you navigate the intricate landscape of family business and private wealth in the Middle East, where family businesses constitute approximately 60% of GDP and employ 80% of the workforce in the GCC, offering unparalleled opportunities for wealth creation and preservation.
Packed with insights, strategies, and expert advice from our talented lawyers, Legacy provides tailored solutions to the unique challenges of asset protection, succession planning, and dispute resolution in this dynamic region.Read the publication and equip yourself with the knowledge and tools necessary to thrive, whether you’re a seasoned investor, a family business owner, part of the next generation, or a newcomer exploring opportunities in the region.
Read NowThe UAE Ministry of Cabinet Affairs issued the Cabinet Resolution No. 34 of 2020 on the regulation of the Procedures of the Real Beneficiary (“Resolution”), which came into effect on 28 August 2020 (“Commencement Date”). The Resolution introduces the concept of a “Real Beneficiary” into the onshore business environment.
The Resolution applies to all UAE entities, apart from those registered in the Abu Dhabi Global Market, Dubai International Financial Centre or those whose shares are listed on a stock exchange.
Under the Resolution, the Real Beneficiary is:
A natural person (“Owner/Controller”) who has the ultimate ownership/control/right to vote over a UAE business (“Company”), directly or indirectly (through a chain of ownership/control) concerning at least 25% of the Company; or
A natural person who has the right to appoint/dismiss the majority of the directors of the Company;
In absence of the above, a natural person who manages or administers the Company;
In absence of the above, a natural or a legal person who is the senior manager of the Company.
The member who acts in accordance with the guidelines, instructions or will of another person.
Under the Regulation, by 27 October 2020, the Company shall produce, update and keep at its office premises (and share with relevant authorities when required) the register (“Registers”) of:
Your business is required to:
If you require assistance with the preparation of these Registers or any other related matters, please let us know and we will be happy to provide our support.
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