Dubai Economy begins violating companies that are not registered in the "real beneficiary"

Dubai Economy launched an intensive awareness campaign about the system.

archival

The commercial control and consumer protection sector in the Dubai Economy began violating companies that are not registered in the “real beneficiary system” after the end of the declaration period, which was until June 30, 2021, in order to ensure that companies and institutions operating in the emirate comply with the applicable legislation.

And Dubai Economy stated in a statement yesterday that the application of legal procedures to violators came after Dubai Economy launched an intensive awareness campaign through various traditional and digital media to educate the business sector about the importance of registration in the real beneficiary system, as part of Dubai Economy's endeavor to achieve international standards. And in implementation of the requirements of Cabinet Resolution No. 58 of 2020 regarding the regulation of “real beneficiary” procedures.

The Dubai Economy called on companies registered in the Emirate of Dubai to take the initiative to register and provide the data of the real beneficiary through the electronic services available through the link https://eservices.dubaided.gov.ae/BeneficiaryOwner or via the call center +97144455555 Or e-mail to info@dubaided.gov.ae, or visit one of the approved service centers.

It is noteworthy that the “real beneficiary” is the person who owns or controls the company directly or indirectly, by owning more than 25% of the equity of the company, owning 25% or more of the voting power of the company, and appointing or removing the majority of the members of the board of directors company.

Follow our latest local and sports news and the latest political and economic developments via Google news