UAE firms not taking best business practices face fine 

DUBAI: Dubai Economy (Department of Economic Development, Government of Dubai) started charging the UAE based companies who failed to register their Beneficial Owner data by June 30, 2021 as was required by law.

Dubai Economy through its Commercial Compliance and Consumer Protection (CCCP) Sector has taken a move 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, WAM news agency quoted as saying on Monday.

Dubai Economy has also called on companies registered in Dubai to provide their Beneficial Owner data on its eServices page
https://eservices.dubaided.gov.ae/BeneficiaryOwner. For more details businesses can contact [email protected] or visit one of the approved service centres of Dubai Economy.

Dubai Economy is the government body entrusted to set and drive the economic agenda of the emirate of Dubai, UAE. It supports the structural transformation of Dubai into a diversified, innovative service-based economy that aims to improve the business environment and accelerate productivity growth.

Dubai Economy and its agencies develop economic plans and policies, identify and support the growth of strategic sectors, and provide services to domestic and international investors and businesses.

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