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Dubai Economy ran an intensive media campaign to educate firms about the importance of filing the data
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Beneficial Owner refers to individuals and entities that benefit from owning a registered business in UAE
DUBAI: The Dubai Economy has started imposing fines on companies that did not register their Beneficial Owner data by 30 June 2021
Beneficial Owner refers to those individuals and entities that benefit from owning a registered business. All registered businesses in the UAE are required 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.
The data required include name, nationality, gender, passport number, residence address and mobile number.
In a statement, the Commercial Compliance and Consumer Protection (CCCP) Sector of Dubai Economy said the decision to impose fines follow an intensive media awareness campaign that was launched to educate companies in Dubai on the importance of registering their Beneficial Owner data under a UAE cabinet decision last year.
Dubai Economy has also called on companies registered in Dubai to provide their Beneficial Owner data on its eServices page.