148 Dubai companies fined for not disclosing owner data

iStock [For illustration]

Dubai Economy (DED) has started imposing fines on companies that did not register their 'Beneficial Owner' data within the deadline of June 30.

As many as 148 firms have been fined AED 15,000 each by the Commercial Compliance & Consumer Protection (CCCP) Sector at DED.

The disciplinary action comes following an intensive awareness campaign to educate companies in Dubai on the importance of registering their Beneficial Owner data in the commercial registry.

It's in line 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.

Dubai-registered firms can provide the data online or via the call centre +97144455555.

More from Business

  • DoH awards research projects over AED19 million to transform AD healthcare

    The Department of Health – Abu Dhabi (DoH), in partnership with the Authority of Social Contribution - Ma’an, has awarded over AED19 million in grants to support advancements in groundbreaking fields such as cell and gene therapies, precision medicine, and advanced cancer treatments.

  • UAE, Italy sign MoU to combat financial, economic crimes

    The UAE General Secretariat of the National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations Committee (GS-NAMLCFTC) and the Italian Guardia di Finanza on Friday signed a Memorandum of Understanding for a strategic partnership in the fight against the emerging financial crime threats.

  • Putin says there is no time to sign new Ukraine gas transit deal this year

    President Vladimir Putin said on Thursday there was no time left this year to sign a new Ukrainian gas transit deal, and laid the blame firmly on Ukraine for refusing to extend the agreement that brings gas to Slovakia, the Czech Republic and Austria.

  • New tax programme for government employees

    Dubai Finance (DOF) and PwC Academy, the talent and skills development arm of PwC Middle East, have announced a strategic partnership to introduce a new Tax Professional Certificate aimed at tax professionals working within Dubai’s government entities.

  • Brazil says workers at BYD construction site victims of human trafficking

    Chinese workers found at a construction site for a factory owned by China's electric vehicle producer BYD in Brazil's Bahia state are victims of human trafficking, Brazilian labor authorities said on Thursday.