Ultimate Beneficial Owner (UBO) Reporting
Ultimate Beneficial Owner (UBO) Reporting – Transparent ownership compliance.
In line with UAE Cabinet Decision No. (58) of 2020, all companies licensed in the UAE — whether mainland or free zone — are required to maintain and submit accurate details of their Ultimate Beneficial Owners (UBOs). This regulation ensures transparency of ownership structures, helps combat money laundering, and enhances the UAE’s alignment with international compliance standards.
What is UBO Reporting?
The Ultimate Beneficial Owner (UBO) is the individual who ultimately owns or controls a company, directly or indirectly, through shares, voting rights, or other means. Each entity must maintain a UBO Register and submit the required details to its licensing authority within the stipulated timelines.
Failure to comply can result in administrative penalties, license restrictions, or suspension of business activities.
Who Must Comply
UBO reporting applies to:
Mainland Companies registered under the UAE Ministry of Economy or local authorities
Free Zone Entities, including FZEs and FZCOs
Foreign Company Branches operating in the UAE
Exemption applies only to companies wholly owned by the UAE government or its subsidiaries.
Key Compliance Requirements
UBO Register: Maintain an updated record of individuals holding ultimate ownership/control.
Partner or Shareholder Register: Record ownership details and voting rights.
Nominee Director Register: Disclose any directors acting on behalf of others.
Reporting Updates: Submit updates within 15 days of any ownership change to the relevant authority.
P1 provides comprehensive UBO compliance support to ensure your business remains fully aligned with regulatory expectations.
UBO Identification: Analyze company ownership structures to determine true beneficial owners.
Register Preparation: Draft and maintain accurate UBO, shareholder, and nominee registers.
Authority Filing: Submit the UBO report to the relevant licensing authority on time.
Periodic Updates: Manage ongoing changes in ownership or control and update records accordingly.
Advisory & Training: Educate management on compliance requirements and best practices.
With extensive experience in UAE compliance and corporate governance, P1 ensures your UBO reporting is accurate, timely, and fully compliant, safeguarding your business from penalties while building trust and transparency with regulators.
Stay transparent. Stay compliant. Partner with P1.
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goAML Compliance
goAML Compliance – Ensure adherence to anti-money laundering regulations.
The goAML system, implemented by the UAE Ministry of Economy (MoE) and the Financial Intelligence Unit (FIU), is a secure platform for detecting and reporting suspicious financial activities. It forms a crucial part of the UAE’s commitment to anti-money laundering (AML) and counter-terrorist financing (CTF) standards in line with global FATF guidelines.
Who Must Register under goAML?
The following entities operating in the UAE are required to register:
Mainland and Free Zone Companies categorized as DNFBPs
Corporate Service Providers (business setup, company formation, or nominee services)
Real Estate Brokers and Agents
Auditing and Accounting Firms
Dealers in Precious Metals or Precious Stones
Non-registration or delayed reporting can lead to severe administrative penalties, license suspension, or cancellation.
Key Compliance Requirements
goAML Registration: Mandatory registration on the FIU’s goAML platform.
Risk Assessment: Identify and document potential money-laundering and terrorism-financing risks.
KYC & CDD Procedures: Implement robust “Know Your Customer” and “Customer Due Diligence” policies.
Suspicious Transaction Reporting (STR): Report unusual or suspicious activities through the goAML portal.
Training & Awareness: Regular AML/CTF training for employees and compliance officers.
Record Keeping: Maintain records for at least five years as required by law.
P1 provides end-to-end goAML compliance solutions to ensure your business meets all MoE and FIU requirements:
Registration Support: Assistance with goAML portal registration and system setup.
Policy Drafting: Development of AML/CFT policies, procedures, and risk assessment frameworks.
STR/CTR Reporting: Guidance in preparing and submitting Suspicious and Cash Transaction Reports.
KYC Implementation: Design and implementation of compliant customer onboarding systems.
Staff Training: AML awareness and compliance training tailored to your business activity.
Ongoing Compliance Review: Regular monitoring and internal audit of AML controls.
With expertise in AML regulations and UAE compliance frameworks, P1 ensures that your organization remains fully compliant, protected, and well-prepared to face regulatory scrutiny.
Build a culture of integrity and compliance with P1 Consultants by your side.
How P1 CONSULTANTS Assists
Why Choose P1 CONSULTANTS:
Country-by-Country Reporting (CbCR)
Country-by-Country Reporting (CbCR) – Meet international tax reporting standards.
The Country-by-Country Reporting (CbCR) framework was introduced by the UAE Ministry of Finance to align with the OECD Base Erosion and Profit Shifting (BEPS) Action Plan 13. It ensures multinational enterprises (MNEs) operating in the UAE maintain transparency in global tax reporting and demonstrate that profits are appropriately aligned with economic activities in each jurisdiction.
CbCR promotes international tax fairness and helps tax authorities assess potential transfer pricing risks, ensuring compliance with global reporting standards.
Who Must Comply?
CbCR applies to Multinational Enterprise Groups (MNE Groups) that meet the following criteria:
The Ultimate Parent Entity (UPE) is a UAE tax resident; and
The consolidated group revenue is AED 3.15 billion (EUR 750 million) or more in the preceding financial year.
Entities that are part of an MNE Group but not the UPE may also have reporting obligations if the parent entity is outside the UAE and does not submit a compliant CbCR.
Key Compliance Requirements
CbCR Notification: Must be submitted to the Ministry of Finance within 6 months from the end of the reporting financial year.
CbC Report Submission: The report must be filed within 12 months from the end of the reporting financial year.
Information Disclosure: The report should include group-level details on revenue, profit, tax paid, employees, assets, and activities across jurisdictions.
Record Maintenance: Documentation supporting reported data must be retained for a minimum of 5 years.
Failure to comply can lead to significant administrative penalties under the UAE CbCR regulations.
P1 offers end-to-end CbCR compliance and advisory support to help your organization meet all international tax reporting requirements seamlessly:
CbCR Assessment: Determine your entity’s eligibility and reporting obligations.
Notification & Filing: Assist in timely submission of CbCR notifications and reports through the Ministry of Finance portal.
Data Compilation & Review: Consolidate and validate financial and operational data across jurisdictions.
Documentation Support: Prepare and maintain supporting records for audits and future references.
Training & Advisory: Conduct internal training sessions on CbCR obligations, timelines, and compliance best practices.
With deep expertise in UAE Corporate Tax, Transfer Pricing, and International Tax Compliance, P1 ensures that your multinational group stays compliant with OECD and UAE CbCR standards — minimizing risks and maintaining transparency across borders.
Achieve global tax compliance with confidence — partner with P1.
How P1 CONSULTANTS Assists
Why Choose P1 CONSULTANTS:
Strategically streamlining UAE tax, accounting, and multi-layered compliance frameworks to ensure absolute operational continuity.
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