An ultimate beneficial owner is a person or a company/entity that becomes the ultimate beneficiary when any transaction takes place. Following are the criteria of someone being the ultimate beneficial owner:
The UBO legislation has been created in the UAE to counter:
By implementing the UBO legislation, the goal is to find out the ultimate beneficiary of any business transactions. Even though there are two criteria given that can easily inform someone about the UBO, things get tricky when it’s the shell companies we are dealing with. In such cases, seasoned professionals have to be involved in order to find out the primary beneficiary.
But why should you look for such services?
A business transaction should only happen between entities that are transparent to each other. It reduces the cases of fraud and the business transaction goes smoothly. What if even though the transaction is smooth, you’re not transparent with each other? What if, there is someone in background holding all the cards of your business; someone who has been manipulating the business strings for their own selfish gain.
For banks, it’s an important factor to consider. There have been many cases that fraudulent individuals have received money on the basis of fake identities. Tackling those individuals is important. And it can only be done if someone knows how to single out the UBO.
The benefits of singling out the UBO are as follows:
The consultants of UBO implements the following procedures to find out about the UBO:
Knowing who you do business with is important. Thus, when you’re in doubt about any business that you want to partner up with, reach out to us. We will portray the true picture of the Ultimate beneficiary before you.
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