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UAE Launches New Visa Categories - Green Visa, Freelancers Visa

The United Arab Emirates announced the launch of a new resident visa category called the Green Visa on Sunday. Green Visa holders can sponsor their sons' visas till their boys reach the age of 25. Sons are usually only sponsored until they reach the age of 18. Green visa holders can support their parents as well. The new Green Visa will not be linked to work permits from firms, according to Dr Thani Al Zeyoudi, Minister of State for Foreign Trade. It would be targeted at highly talented persons, investors, entrepreneurs, top students and graduates. He also announced a new category of Visa for freelancers. Green visa holders will be given a 90-180 day grace time to leave the country once their visas expire, rather than the current 30-day grace period. When asked about the difference between  Golden visas  and Green, the minister stated that they are all complimentary. "It is a full package that includes  UAE golden visas , green visas and tourist visas. Freelancer visa is ...
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Ultimate Beneficial Owner (UBO)

 Ultimate Beneficial Owner (UBO) is the individual who ultimately owns a legal entity or legal person during a transaction. A UBO of a registered organization is a person who holds a minimum 25 percent of the company’s wealth, or at least a similar-sized voting power or ownership stake among other shareholders and benefits from getting a minimum 25 percent of said firm’s money. If no one meets the condition above, then any natural individual who has the power to control the organization using any other means may be termed as the UBO. In cases where UBO can’t be identified through the two conditions above, then a natural person who holds the highest management position in the company may be considered as the UBO.

Ultimate Beneficial Ownership (UBO) has emerged as a crucial notion for the performance by financial institutions of their compliance obligations after the creation of the Financial Action Task Force (or FATF) in 1989.

Founded by thirty countries, FATF is an organization tasked with outlining advice and regularly assessing the processes that nations should adopt to counter money laundering and terrorist financing.

Today, most legal definitions of UBO in national regulations are established on the rules set by the FATF, and so the UBO of a legal entity is internationally accepted as a person who:

  • Holds least 25% equity in the legal entity’s capital;
  • Can exercise, directly or indirectly, at least 25% of the voting rights at the general meeting of shareholders of the legal entity; or
  • Is the indirect beneficiary of at least 25% of the legal entity’s capital.

What is a UBO declaration?

A UBO declaration is a legal document that gives you the latest, accurate, and reliable data about the true beneficial owners of a corporate organization all within your own portal account or integrated API. The legally binding document is signed by a verified authorized individual.

Ultimate Beneficial Owner Vs Beneficial Owner

There is no significant contrast between a beneficial owner and an ultimate beneficial owner. Both entities have a stake in an organization, although they don’t have direct control of the business. Both of them have the specific rights of an organization in equity. However, a beneficial owner with more than 25% of the Company obtains ultimate control of the Company. Both the BO and UBO are eligible for the profits, gains, and privileges accruing to a company’s shares, but the UBO has a higher return. The ultimate beneficial owner can likewise exercise significance over the Company. Moreover, a UBO may likewise appoint or remove a member of a company’s board of directors

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