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.