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    Legislative Insight on the UAE's Real Beneficiaries Law in collaboration with Lexis Nexis Middle East

    7. January 2021  

    On 27 August 2020, the United Arab Emirates (UAE) issued Cabinet Decision No. 58/2020 on the regulation of the procedures related to Real Beneficiaries (included in the UAE Federal Gazette Index issue No. 685 dated 27 August 2020), replacing Cabinet Decision No. 34/2020 on the Regulation of Procedures Related to Real Beneficiaries. Cabinet Decision No. 58/2020, among other things, requires companies licensed or registered in the UAE (excluding in the financial freezones) to create and maintain a register of their ultimate beneficial ownership (UBO) and to submit UBO data to the relevant registrar or licensing authority (Registrar). Furthermore, Cabinet Decision No. 58/2020 also provides for monitoring and control of companies' shareholder registers. In this Legal briefing, the imposed requirements and their impact on the companies will be analyzed.