Services

UBO, AML , ESR

ULTIMATE BENEFICIAL OWNERSHIP (UBO)

Aimed at further increasing financial transparency in the UAE, Ultimate Beneficial Ownership (UBO) is a Cabinet Resolution outlining the requirement for UAE businesses to disclose details of their beneficial owners. Beneficial owners include all significant shareholders and nominee directors.

Unless exempt, UAE companies must prepare a register of beneficial owners and file it with the relevant authority.

ANTI-MONEY LAUNDERING (AML)

To increase transparency and comply with regulations in other international jurisdictions, the UAE maintains a robust anti-money laundering system.

Underpinning this system are two laws: No. 2/2002 Anti-Money Laundering (AML) and No. 1/2004 Counter Terrorist financing (CTF).

Businesses in financial services and related industries must adhere to AML regulation. This includes banks, insurers, real estate agents, accountants and more.

ECONOMIC SUBSTANCE REGULATION (ESR)

Economic Substance Regulation (ESR) requires onshore companies to maintain and demonstrate an adequate economic presence in the UAE.

Companies carrying out relevant activities must meet the requirements of an Economic Substance Test. This can be achieved in several ways:

  • Licensee and relevant activity are directed and managed in the UAE
  • Relevant Core Income Generating Activities (CIGAs) are conducted in the UAE
  • Licensee has adequate people, premises, and expenditure in the UAE