Adopted by the Economic Integration Commission during its fifth meeting, by default

An action plan to provide data of "real beneficiaries" to 400,000 companies

The Economic Integration Committee held its fifth meeting chaired by the Minister of Economy.

From the source

The Economic Integration Committee held its fifth virtual meeting headed by the Minister of Economy, Abdullah bin Touq Al-Marri, with the presence and membership of Minister of State for Entrepreneurship and Small and Medium Enterprises, Dr. Ahmed Belhoul Al Falasi, and Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi.

The committee approved an executive action plan to provide the data of the "real beneficiary" to more than 400 thousand companies registered in the country, to achieve the international standards specified in the ministerial decision, which requires companies to create a special registry for the real beneficiary, and to include the data of this registry in the licensing systems of the local authorities, which strengthens the efforts. The national exerted effort in the file of money laundering, terrorist financing and illegal organizations, and supports the country's position in the relevant global indicators.

The work plan includes four phases, which include: holding workshops to educate and train the 40 local licensing bodies, to provide data for the real beneficiary, and an undertaking by the companies to provide the company data and the real beneficiaries of it, then fill in the data record, in preparation for its inclusion in the registration systems. And the inclusion of data on the real beneficiaries of the companies in the national economic registry system, to link them to the ministry and the local licensing authorities.

The committee also reviewed a presentation of work plans on international requirements and standards for realistic economic activities, presented by the Undersecretary of the Ministry of Finance, Yunus Haji Al-Khoury, and approved a work plan to define the details and requirements of realistic economic activities that are practiced by licensed companies, including free zones. The Minister of Economy, Abdullah bin Touq Al-Marri, affirmed that the committee is proceeding with determination towards achieving national goals, in line with the UAE Centennial 2071, and in accordance with the leadership's directives, to enhance the country's economic model, and the principles of partnership and complementarity of roles.

He added: “We discussed a number of important issues, including: the mechanisms for implementing international standards on realistic economic activities, which are specified under Cabinet Resolution No. (57) for the year 2020, and an action plan was adopted to define relevant economic activities to combat tax evasion, and an action plan was adopted. Flexible to provide data on the real beneficiaries of more than 400,000 companies registered in the country, to implement the requirements of Cabinet Resolution No. 58 of 2020 regarding the regulation of the real beneficiaries' data.

The real benefactor

The real beneficiary is the person who owns or controls the company directly or indirectly, by owning more than 25% of the company’s ownership rights, owning 25% or more of the voting powers for the company, and appointing or removing the majority of the company's board of directors.

• Adopting an action plan to identify relevant economic activities to combat tax evasion.

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