The Economic Integration Committee has approved an action plan to provide actual data on the beneficiaries of more than 400,000 companies registered in the United Arab Emirates.
This is to ensure compliance with international standards as stipulated in the ministerial resolution, according to which companies are required to create a register of the real beneficiary and to list the required data in the authorization systems of the competent authorities.
This decision supports national efforts in the area of combating money laundering and financing of illegal organizations, thereby strengthening the UAE’s position in relevant global indicators.
The execution of the plan was divided into 4 phases, comprising the holding of awareness-raising workshops and the training of 40 local granting entities in the areas of the provision of real data on the beneficiaries, as well as the reception of commitments from companies to provide their data.
This includes the information on the actual beneficiary and listing the data on the actual beneficiaries in the system of the national economic register to be connected to the systems of the ministry and local licensing authorities in each emirate.
The actual beneficiary is defined as the person who owns the business, or directly or indirectly controls the business by owning more than 25% of the ownership rights of the business, and 25% or more of the authorities to vote and appoint or discharge the majority of the members of the board of directors of the company.
The committee recently held virtually its 5th meeting, chaired by Abdulla Bin Touq Al Marri, Minister of Economy of the United Arab Emirates; and in the presence of Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; and Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, in addition to representatives of local economic development departments from all emirates of the United Arab Emirates.
The meeting discussed integration efforts between the Ministry of Economy and Economic Development Departments of the UAE, and all relevant federal and local institutions. He reviewed global successes at the federal and local levels, in addition to discussing ways to improve cooperation and partnership to support the UAE’s preparations for the next 50 years and help deliver compliant government services. to the best global standards.
Bin Touq confirmed that the Economic Integration Committee is striving to achieve national goals in line with the UAE Centenary 2071 and following the guidance of wise leaders, to improve the country’s economic model. It strives to promote the principles of partnership, integration of roles, coordination and common action in order to stimulate economic growth in each emirate of the United Arab Emirates, support sustainable development and the national economy, and to shape the characteristics of the future economy over the next fifty years.
He added: “Through the Economic Integration Committee, we will continue to discuss priority economic issues and improve the results of plans and initiatives implemented by the various development entities of the country. During the 5th meeting, we discussed several important issues, including the mechanisms for implementing international standards regarding realistic and specific economic activities, in accordance with Cabinet Resolution No. (57) of 2020, and a action plan was approved to define the relevant economic activities to fight against tax evasion. A flexible action plan has also been adopted to provide data to the beneficial owner of over 400,000 companies registered in the UAE in order to implement the requirements of Cabinet Resolution No. 58 of 2020 regarding the organization of data of the beneficial owner. Emphasis was placed on the importance of continuing national efforts to support the recovery and growth of the business environment and accelerate economic recovery, as well as strengthening the UAE’s position on the international map and global indicators. “
During a presentation given by Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, the Committee explored plans for economic substance regulations and international standards and approved an action plan to identify the details. and the requirements of economic substance activities carried out by companies licensed to operate in all of the UAE, including free zones. Economic substance activities include intellectual property activities, head office activities, holding company activities, shipping activities, and distribution and service center activities.
During the meeting, the Committee also discussed the implementation of the recommendations of its fourth meeting, including the development of the digital service system in the UAE and its integration at local and federal levels in line with national priorities. These will ensure the nation’s pioneering position in adapting to the changing global digital economic landscape, thereby reflecting the guidance of wise leaders to upgrade and improve government services, expand the national registry and increase awareness. and education on the importance of checking security codes when using and trading digital currencies in the stock markets. It will also increase awareness of illegal sales operations known as the “pyramid scheme” and promote national collaboration at the local and federal levels to support and continually develop these services.
The Economic Integration Committee was recently created by ministerial resolution issued by the Minister of the Economy. The scope of the committee’s tasks includes proposing and coordinating economic development policies and programs in the United Arab Emirates, ensuring compliance and alignment between local and federal economic regulations, rules and procedures, promoting economic cooperation between the seven emirates, and the submission of suggestions and the sharing of opinions for the development of legislative frameworks regulating economic activities in the United Arab Emirates. – TradeArabia News Service