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 News

On Virgin Radio today

  • Non Stop Hits

    3:00am - 7:00pm

    The UAE's #1 Hit Music Station with no interruptions

  • The Fix With Dany Neville

    7:00pm - 11:00pm

    Officially the UAE's favourite DJ, Dany Neville makes sure you have the soundtrack you need every Saturday night.

Trending on Virgin Radio