Sharjah 24: Sharjah Economic Development Department (SEDD) announced the provision of the "real beneficiary" service through its website www.sedd.ae and "Tasheel” service centres.

This falls within SEDD concerns to achieve international standards and implement the requirements of Cabinet Resolution No. 58 of 2020 regarding the regulation of the data of the real beneficiary, who is the person owning or controlling a company directly or indirectly, through owning more than 25% of the company's ownership rights, and owning 25% or more of the company's voting powers, as well as the appointment or removal of the majority of the company's board of directors.

The service requires companies to establish a special registry for the real beneficiary, and to include the data of this registry in the licensing systems of the local authorities. This will strengthen the national efforts exerted in the file of money laundering, terrorist financing and illegal organisations, and support the country’s position in the relevant global indicators.

Therefore, SEDD called upon investors in the Emirate of Sharjah to register with the "real beneficiary" service that it provides as soon as possible. Such thing comes in accordance with the requirements of an executive action plan adopted by the Ministry of Economy to provide data for the real beneficiaries of companies registered in the country. This goes in line with UAE Centennial 2071, and according to the leadership directives, to enhance the country's economic model, and the principles of partnership and integration of roles.

Commenting on that, His Excellency Sultan Abdullah bin Hadda Al Suwaidi, SEDD Chairman, affirmed that the Department works and cooperates with all local and federal authorities to support and organise all economic sectors. His Excellency praised the efficiency, durability and quality of the technical apparatus of the Department and the continuous improvement processes pursued by it, which is a practical application of the directives of the wise leadership and the digital transformation strategy adopted by the Emirate of Sharjah in particular and UAE in general.

His Excellency added that this contributes to achieving the highest levels of efficiency, flexibility and effectiveness in providing government services to customers around the clock at any time and from anywhere through smart channels and easy steps.

It should be noted that the "real beneficiary" service aims to set requirements for the registry of the real beneficiary in commercial companies organised in accordance with UAE Federal Commercial Companies Law and to standardise the minimum disclosure requirements for entities established inside and outside non-financial free zones in the country. Likewise, it deals with disclosure requirements at the stage of company registration, in addition to the requirement to subsequently maintain a record of the partners or shareholders, a record of the real beneficiaries, and a record of management members. Also, companies are now required to provide the details of the real beneficial owner to the relevant registrar. It is worth mentioning that the registration process does not entail any additional fees, while failure to register for the service exposes the owner to legal accountability and fines.