UAE: Company owned by another company - whats on the trade license?

[ifzaguider]

Hello,

I was thinking of nominee director/shareholder but this might also be a solution to hide UBOs owner name from whatever info record DLD saves.

With my current company I am the direct owner of a company and it obviously says "Name of Manager: My name" in the trade license.

1. But what if the company1 own company 2. How does company2's trade license look like ----- does it says "Name of Manager: Company1"?
2. Or will a real persons name be forced into the paper somewhere in there, for eg UBO of company1?
3. Will ownership info of company1 have to be provided to DLD when buying real estate?

Fingers crossed anyone have some experience with this THANKS A LOT IN ADVANCE!!

 

[Shories]

Hmm, you don't do nominee setups in Dubai, that's playing with fire, that's all I'm going to say.

 

[ifzaguider]

Hmm, you don't do nominee setups in Dubai, that's playing with fire, that's all I'm going to say.

Woah thats good you warned me then. Why is that? The biggest danger is taking over a company which is not doable. What else should I be careful and worried about?

Thanks for your input

 

[Shories]

Woah thats good you warned me then. Why is that? The biggest danger is taking over a company which is not doable. What else should I be careful and worried about?

Thanks for your input

A company where the UBO is deliberately hidden is something the Dubai authorities do not take lightly.

And if your setup incites them to do so, they will react.

 

[lavel]

You try to stay anonymous or out of the books?

 

[ifzaguider]

A company where the UBO is deliberately hidden is something the Dubai authorities do not take lightly.

And if your setup incites them to do so, they will react.

Both RAK and JAFZA allow nominees by law so its fully legal, though. Both RAK and JAFZA will receive full UBO info upon company formation so its not hidden. Only goal is to protect myself from data hacks and leaks where I dont want my name to appear as an owner. Thats why I thought a nominee was a good idea.

But is there any other concerns, with a nominee, besides potentially the above? If the power is limited in the nominee agreement, cant they really do much nasty things?

You try to stay anonymous or out of the books?

Out of the books only. So not really fully anonymous. My main goal is only to protect myself from leaks such as Dubai Leaks, Dubai Unlocked etc. Over and over someone who works at the Dubai Land Department (DLD) office seem to be able to download the basic information about owners of real estate which has nationality, passport number, date of birth... Which is then handed over and often published online. So in case my real estate purchase is in a leak, I wish this person (name/nationality/d.o.b/passport number) to be another person than me, but real estate still owned by me, via a company.

Thats why I thought a nominee would be ideal since they hand over their passport, UAE ID and their info is stored in the database, while owner on the title deed is my company.