- Who counts as a UBO — natural persons with ≥25% ownership or control, or those with ultimate effective control.
- Documentation to collect — passport/ID, proof of shareholding or corporate structure, trust/founder documents, updated shareholder register.
- Verification steps — obtain original or certified ID copies; corroborate share percentages with corporate filings or share certificates; trace ownership through intermediary companies until natural persons are found.
- Risk-based approach — apply enhanced due diligence for complex ownership chains, trusts, nominees, or jurisdictions with secrecy concerns.
- Recordkeeping and updates — maintain a UBO register, update on material changes, and be ready for audits by licensing authorities and DNFBPs.
- Penalties for non-compliance — licensing authorities can impose warnings, fines, and administrative penalties for failure to declare or verify UBOs.
Suggested formats for community responses
- Short practical tip — one sentence describing a single verification tactic (example: verify share certificates against the trade license).
- Step-by-step process — numbered sequence from information request to record retention.
- Tooling and templates — sample UBO declaration form fields, ID checklist, or escalation triggers for suspicious ownership.
- Real-world example — anonymized case showing how a complex ownership chain was resolved into named natural persons.
For a concise UBO compliance guide, templates, and hands-on support for Dubai company UBO verification, click http://www.thevistacorp.com..