Dubai extends deadline to provide Beneficial Owner data till June 30

Dubai Economy on Tuesday extended the deadline for all registered businesses in emirate to add their Beneficial Owner data to the commercial registry has now been extended to the June 30, 2021.

It also urged businesses to provide the Beneficial Owner data as required by the UAE Cabinet Decision No. (58) of 2020 within the new deadline to avoid any legal consequences.

Registered businesses in Dubai can add the Beneficial Owner data by logging in to the eServices page of Dubai Economy.

‘Beneficial Owner’ refers to those individuals/entities that benefit from owning a registered business.

The Cabinet Decision No. (58) of 2020 requires all registered businesses in the UAE to reveal the identity and furnish details of their Beneficial Owner to be included in the commercial registry as part of enhancing corporate compliance in the country in line with international best practices.

The Beneficial Owner data required include name, nationality, gender, passport number, residence address and mobile number. All registered businesses in Dubai must register their Beneficial Owner data irrespective of their category (e.g. Commercial, Professional or Industrial) or legal form.

Customers logging in to the Dubai Economy eServices page can click on the Add / Modify the Beneficial Owner button. The customer will then be transferred to another screen to enter the Beneficial Owner data.

Any customer performing a business registration and licensing transaction at Dubai Economy is automatically alerted on the Beneficial Owner data via text message before a payment voucher for the transaction is issued. The customer can then click on the link provided in the text message and enter the Beneficial Owner data. Business owners requesting Auto Renewal of their licences via text message to ‘6969’ also receive the link to the Beneficial Owner registration.

— waheedabbas@khaleejtimes.com