Dubai: The Commercial Compliance & Consumer Protection (CCCP) Sector in Dubai Economy has started imposing fines on companies in the emirate that did not register their beneficial owner data by June 30. It comes after an intensive awareness campaign that was launched across traditional and digital media to educate companies in Dubai on the importance of registering their beneficial owner data in the commercial registry in accordance with the UAE Cabinet Decision.
Beneficial owner
This refers to those individuals/entities that benefit from owning a registered business. The cabinet decision requires all registered businesses in the UAE 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. All registered businesses in Dubai must register irrespective of their category (e.g. commercial, professional or industrial) or legal form.
How to update the data?
Customers logging in to the Dubai Economy eservices page can click on the add/modify the beneficial owner button. The customer will then be transferred to another screen to enter the beneficial owner data.
Any customer performing a business registration and licensing transaction at Dubai Economy is automatically alerted on the beneficial owner data via text message before a payment voucher for the transaction is issued. The customer can then click on the link provided in the text message and enter the data. Business owners requesting auto renewal of their licences via text message to ‘6969’ also receive the link to the beneficial owner registration.
