As per Article 51 of the UAE Corporate Tax (CT) Law, any Taxable Person shall register for Corporate Tax with the Federal Tax Authority (FTA) in the form and manner and within the timeline prescribed by the FTA and obtain a Tax Registration Number, except in circumstances prescribed by the Minister of Finance.
The Corporate Transparency Act (CTA) came into effect on 1 January 2024, and it is designed to capture more information about the ownership and control of U.S. companies and foreign entities registered to do business in the U.S., by requiring them to report Beneficial Ownership Information (BOI).
The Department of Registrar of Companies and Intellectual Property announced that all Cyprus Companies and other Legal Entities should submit Beneficial Owners details to the Beneficial Owners Registry until 31 March 2024.
