UBO when an Indian company owns the shares
My Dubai company is 100 percent owned by my Indian company. Whose name goes in the UBO register?
The situation
The beneficial owner is the individual who ultimately owns or controls 25 percent or more, directly or through a chain of companies. So you look through the Indian company to its owners.
The law
- Cabinet Resolution 109 of 2023: Ultimate ownership or control of 25 percent or more
What it means for you
Example: you own 70 percent of the Indian company and your brother 30 percent. Both of you are beneficial owners of the Dubai company, since each indirectly holds at least 25 percent. List the Indian company as shareholder and the two of you as beneficial owners.
What to do
- Draw the ownership chain.
- Compute each individual's indirect share.
- List everyone at 25 percent or more.
- File with the registrar.
We can do this for youBeneficial owner (UBO) register: identifying owners, filing with the registrar and updating changes: AED 750