Trusts and foundations owning shares
Our shares are held by a family trust. Who is the beneficial owner?
The situation
For trusts, the people with ultimate control or benefit, such as settlors, trustees, protectors and beneficiaries, may need to be identified.
The law
- Cabinet Resolution 109 of 2023: Identification of real beneficiaries in legal arrangements
What it means for you
Example: a family trust in another country holds 100 percent; the settlor, trustee and main beneficiaries may all need to be listed. This is complex and banks will ask the same questions, so prepare a clear structure chart.
What to do
- Get the trust deed summary.
- Identify settlor, trustee, protector and beneficiaries.
- List those required.
- File with a structure chart.
We can do this for youBeneficial owner (UBO) register: identifying owners, filing with the registrar and updating changes: AED 750