Submission of UBO Declaration is mandatory for all the FZEs in the QFZ under the Law No. (1) of 2020. All the Applicants/FZEs must submit the UBO Declaration in the prescribed form along with the application for the following:
- Incorporation/ Registration of an FZE.
- Any amendment to the shareholding/ ownership/ control (direct or indirect)
- Annual renewal of the License
The applications will not be accepted if the Declaration of the Beneficial Owner is not attached or is incomplete. If the Declaration of the Beneficial Owner is not made, or the declaration submitted is incomplete, applicant shall be notified to submit or complete the declaration no later than three (3) days from the date of the application; otherwise, the application will be rejected.
