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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 NowFurther to our recent alerts, by 25 October 2020, all entities who fall under the scope of Cabinet Resolution No. 58 of 2020 on the regulation of the Procedures of the Real Beneficiary (“Resolution 58”), must provide their respective commercial registrars with details of their Real Beneficiaries and the Partners/ Shareholders, as per the registers they are required to prepare and maintain.
You should keep in mind that, apart from Abu Dhabi Global Market, Dubai International Financial Centre, wholly Federal or local government owned (or their wholly-owned subsidiaries or branches) or UAE securities market listed entities, all UAE entities fall under the scope of Resolution 58.
We recommend that you prepare the Real Beneficiaries, Partners / Shareholder and Directors registers at your earliest opportunity.
Although some authorities may need more time to start accepting the relevant information than the 25th October deadline, this remains the statutory deadline for the businesses to meet.
As far as sanctions for non-compliance with the Real Beneficiaries regime are concerned, the Cabinet shall issue a list of penalties, based on the proposal submitted by the Minister of Finance.
We would be delighted to advise if your entity is subject to this regime and, if so, help you identify your Real Beneficiaries and prepare the Real Beneficiaries, Partners / Shareholders, Directors registers required under Resolution 58 (in Arabic / English, as the case may be).
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