TaxSavvyAE

Updating UBO after a share sale

One partner sold his shares to me. Do I need to update the UBO filing?

The situation

Yes. Beneficial owner data must stay accurate, and changes must be filed with the registrar within the period it sets.

The law

  • Cabinet Resolution 109 of 2023: Duty to keep data current
  • Cabinet Decision 132 of 2023: Fines for inaccurate data

What it means for you

Update the shareholder register, the memorandum and licence, then file the new beneficial owner data. Reported fines for inaccurate data start at AED 1,000 after a warning and rise for repeats. Example: after buying a 40 percent stake, you now hold 90 percent and must be shown with that share.

What to do

  1. Complete the share transfer.
  2. Amend the licence and memorandum.
  3. Update the UBO register.
  4. File with the registrar.

We can do this for youBeneficial owner (UBO) register: identifying owners, filing with the registrar and updating changes: AED 750

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