UAE – DDA Launches Enhanced UBO Reporting Requirements for Registered Companies

The Dubai Development Authority (DDA) has introduced an enhanced Ultimate Beneficial Owner (UBO) declaration process to strengthen corporate transparency and support ongoing regulatory and anti-money laundering initiatives. All DDA registered companies are expected to review, verify and update their UBO information through the AXS Portal.

The enhanced process introduces a more structured and auditable approach to beneficial ownership reporting and reinforces the importance of maintaining accurate ownership records.

Regulatory Background

Ultimate Beneficial Owner declarations are intended to identify the individuals who ultimately own or control an entity and form a key component of corporate transparency and anti-money laundering frameworks.

Under the enhanced DDA process, companies are required to review existing ownership information recorded within the AXS Portal and ensure all details are complete, accurate and up to date.

Companies may also be required to provide supporting documentation relating to their ownership structure and Ultimate Beneficial Owners.

Applicability and Scope

The requirements apply to all companies registered with the Dubai Development Authority.

Key Timing Considerations

While the DDA has not announced a formal statutory deadline, Circular 670, issued on 3 June 2026, requests companies to review and update their information immediately within a period of approximately one to three months.

Companies should therefore take steps to assess and update their records as soon as practicable.

Practical Considerations and Ongoing Obligations

Entities should review their current ownership records and undertake any necessary updates through the AXS Portal.

This may involve:

• Confirming existing UBO information
• Updating ownership or control details where required
• Uploading supporting documentation
• Verifying ownership structures involving both individuals and corporate shareholders

Companies should also ensure internal records remain aligned with information reported to DDA and other regulatory authorities.

Risks of Non-Compliance

No formal penalties have been announced in connection with the enhanced declaration process.

However, DDA has emphasised the importance of timely compliance, and failure to maintain accurate beneficial ownership records may create regulatory and compliance risks for affected entities.

How Mercator® by Citco (Mercator) Can Help

Mercator can assist with:

• Reviewing UBO requirements and applicability
• Assessing ownership structures
• Preparing and coordinating supporting documentation
• Managing UBO submissions through the AXS Portal
• Supporting ongoing corporate compliance obligations

For assistance, please contact mercator@citco.com