Dubai Economy fines businesses for failure to register Beneficial Owner data

The disciplinary measure being adopted now follows an intensive awareness campaign

  
Image used for illustrative purpose. Businessman showing client where to sign document.

Image used for illustrative purpose. Businessman showing client where to sign document.

Gettyimages

DUBAI- The Commercial Compliance and 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 the 30th June 2021 as was required by law.

The disciplinary measure being adopted now follows 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 No. (58) of 2020, as well as the relentless efforts of Dubai Economy to uphold global best practices in doing business.

Dubai Economy has also called on companies registered in Dubai to provide their Beneficial Owner data on its eServices page or via the call centre +97144455555.

For more details businesses can contact info@dubaided.gov.ae or visit one of the approved service centres of Dubai Economy.

© Copyright Emirates News Agency (WAM) 2021.


More From Commercial