ULTIMATE BENEFICIARY OWNER
As per Government regulations, registration of UBO is mandatory for all entities licensed within the country including Free Zones. It includes submission of all relevant documents at the time of registration and subsequent renewal at the time of their business licenses.
The regulations whoever owns or controls through direct or indirect ownership at least 25% of the entities shares or whoever has a voting right of at least 25% of the shares are entitled to register themselves for UBO registration. They need to disclose the Ultimate Beneficiary Owner of their business within or outside the country and such disclosures includes ownership by these shareholders at over seas location and to declare all legal or financial obligation they have to their overseas businesses.
ANTI MONEY LAUNDERING( AML)
AML is implemented to detect financial crimes and associated risk detection. There is a need to fight financial crimes globally. In order to achieve compliance relating to AML Firms may enter in to partnership with us where in we deliver our expert advice . while the regulations remains in paper and in our minds too, the implementation remains totally critical – this is due to lack of detailed understanding of the objectives of the AML as described by the Authorities concerned- we offer our professional services that are tailor made to include:
Advise on Regulations and compliance Conduct Risk Assessments Detailed Risk Analysis to identify various risks; Legal, Operational, Financial and others.
There is a GO AML Program defined by the Competent Authority where in registration is mandatory- The financial intelligence Unit specified certain reporting regulations in this regard- we help the business entities to undertake due registration by providing exclusive expert advice in this regard.