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All you need to know about Ultimate Beneficial Owners and Intermediate Beneficial Owners

The aim of this guide is to highlight what does Ultimate Beneficial Owner (UBO) mean, who is considered a UBO and IBO and details regarding how this will affect your business set up at Jafza.

The information within this article has been added in accordance with the Ministry of Economy, United Arab Emirates.


Cabinet Resolution No. (58) of 2020 regulating Beneficial Owner Procedures (the “Resolution”) took effect on August 28, 2020, and replaced Cabinet Resolution No. 34 of 2020 issued earlier. The Resolution covers the most updated requirements for the entities in UAE to disclose their Ultimate Beneficial Owners which intends to enhance the transparency of the UAE registered entities. It also plans to develop effective and sustainable executive and regulatory mechanisms and procedures in respect of beneficial owner data and improve implementation to ensure International Compliance and global confidence

Pursuant to Article (15) of the Cabinet Decision No. (58) of 2020 regulating the beneficial owner procedures which came into effect on 28 August 2020. The Resolution introduces new requirements for entities to disclose their Ultimate Beneficial Owners Details.

Who is the Ultimate Beneficial Owner (UBO)?

A UBO or Ultimate Beneficial Owner is the person or entity that is the ultimate beneficiary when a company initiates a transaction. A UBO of a legal entity is a person who:

  • Holds an interest of a minimum of 25% capital of the legal entity.
  • Has a minimum of 25% voting rights at the general meeting of shareholders.
  • Receives a minimum of 25% of said legal entity’s capital as beneficiary

What is the purpose

The main purpose is to enhance the transparency of entities registered in the UAE, as well as to develop effective and sustainable executive and regulatory mechanisms and procedures in respect of Beneficial Owner Data.

Jafza business setup and UBO Declaration

It is mandatory to submit the UBO KYC form when starting a new business at Jafza. All existing companies registered in Jafza (Onshore & Offshore) must also complete the UBO KYC form and submit it through Dubai Trade.

Download Jafza UBO KYC Form

  • No charges are applicable for this service

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