Dubai Economy fines businesses for failure to register Beneficial Owner data

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Dubai - The disciplinary measure being adopted now follows an intensive awareness campaign that was launched across traditional and digital media to educate companies in Dubai.

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A Staff Reporter

Published: Sun 25 Jul 2021, 4:18 PM

The Commercial Compliance & Consumer Protection (CCCP) Sector in Dubai Economy has started imposing fines on companies in the emirate that did not register their Beneficial Owner data by June 30, 2021 as was required by law.

The disciplinary measure being adopted now follows an intensive awareness campaign that was launched 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. — business@khaleejtimes.com

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A Staff Reporter

Published: Sun 25 Jul 2021, 4:18 PM

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