JAFZA extends UBO submission details deadline to 15th April 2021
The Jebel Ali Free Zone Authority (“JAFZA”) has recently announced that all the Companies established in the JAFZA must update their Ultimate Beneficial Owner (“UBO”) details by 15th April 2021. The updated UBO Form is available on the Dubai Trade Portal and requires companies to disclose the following:
- Ownership Details
- Ultimate Beneficial Owner (UBO) Details
- Business Model of the Company
- Financial details
- General information including Banks, Lawyers, and Auditors of the Company.
JAFZA further provides that if the companies fail to update their UBO details by the deadline, there shall be applicable late fines and penalties. Therefore, companies must update their UBO details in accordance with the additional information required by JAFZA before the deadline to avoid late submission penalties.
Though the deadline is only for JAFZA, RSM UAE recommends all the Companies in the UAE start preparing for compliance with UBO regulations.