If you are looking for What Documents Are Needed for RAKEZ UBO Declaration?, the main documents generally include the applicable UBO Declaration Form and a passport copy of the Ultimate Beneficial Owner (UBO). Additional corporate documents may be needed when the RAKEZ company has a corporate or overseas shareholder.
The exact document list depends on the company’s ownership structure and the reason for submitting the UBO information. A simple ownership structure may require fewer supporting documents, while a company owned through another corporation can require incorporation records, constitutional documents and an ownership structure chart.
Understanding the document requirements before submission can help businesses avoid incomplete information and inconsistencies between the UBO declaration and their corporate records.
What Is a RAKEZ UBO Declaration?
A RAKEZ UBO Declaration is a document used to identify the individual who ultimately owns or exercises effective control over a company.
UBO stands for Ultimate Beneficial Owner.
For a company, the relevant individual can be identified based on ownership, voting rights, board appointment rights, significant influence or other forms of control.
RAKEZ’s UBO form includes criteria such as direct or indirect ownership or control of 25% or more of shares or voting rights, the ability to appoint or remove a majority of the board, significant influence or control, and ultimate management control.
The declaration also captures personal and ownership information about the relevant UBO.
What Documents Are Needed for RAKEZ UBO Declaration?
The core documents can include:
- Completed RAKEZ UBO Declaration Form
- UBO passport copy
- Corporate shareholder documents, where applicable
- Ownership or organisational structure chart, where applicable
- Company registration documents, where applicable
- Constitutional documents, where applicable
- Corporate or board resolution, where applicable
- Other supporting documents requested for the specific company structure
Not every company needs every document on this list. The required documents depend on the ownership structure and the RAKEZ service being requested.
1. RAKEZ UBO Declaration Form
The UBO Declaration Form is the primary document used to provide beneficial ownership information.
The form collects information about the individual identified as the UBO.
This can include:
- Full name as shown on the passport
- Date of birth
- Nationality
- Citizenship
- Passport number
- Passport country of issue
- Passport issue date
- Passport expiry date
- Place of birth
- Country of birth
- Current residential address
- Home-country address
- Ownership percentage, where applicable
- Contact information
The form also asks the declarant to identify the basis on which the individual qualifies as the UBO.
If more than one individual falls within the applicable UBO definition, a separate declaration may be required for each UBO.
2. UBO Passport Copy
A clear passport copy of the UBO is an important supporting document.
RAKEZ’s current business setup checklist specifically identifies the UBO Declaration Form together with the UBO passport copy for applicable corporate structures.
Before submitting the passport copy, check that the details correspond with the information entered in the declaration.
Pay particular attention to:
- Spelling of the full name
- Passport number
- Nationality
- Date of birth
- Passport issue details
- Passport expiry date
For companies with multiple applicable UBOs, the relevant passport documentation should be prepared for each person.
3. Ownership Structure Chart
An ownership structure chart becomes particularly useful when ownership is not straightforward.
For example:
RAKEZ Company
↓
Overseas Holding Company
↓
Individual UBO
The chart helps show how ownership or control moves from the RAKEZ company through intermediate entities to the ultimate individual.
RAKEZ specifically lists an organisational chart showing the company’s structure up to the UBO names among the documents required for certain shareholder-structure changes involving corporate shareholders.
For a complex international ownership structure, keeping this chart clear and consistent with the company’s corporate documents is important.
4. Corporate Shareholder Documents
If a corporate entity is a shareholder of the RAKEZ company, additional documents may be required.
Depending on the structure, these can include:
- Trade licence or equivalent registration document
- Certificate of Registration
- Certificate of Incorporation
- Commercial Register
- Certificate of Good Standing
- Certificate of Incumbency
- Memorandum and Articles of Association
- Relevant amendments to constitutional documents
- Corporate or board resolution
The exact documents can vary according to the corporate shareholder’s jurisdiction and the RAKEZ service involved.
For an overseas company, the documents may also be subject to applicable notarisation or legalisation requirements.
5. Certificate of Incorporation or Registration
A Certificate of Incorporation or Registration can help establish the legal existence of a corporate shareholder.
This can be relevant when an overseas company owns shares in a RAKEZ entity.
For example:
ABC Holdings Ltd. → RAKEZ Company
In this situation, RAKEZ may need supporting information about ABC Holdings Ltd. before the ultimate individual owner can be properly identified.
The applicable corporate documentation should reflect the current legal status of the shareholder.
6. Certificate of Good Standing or Commercial Register Extract
A Certificate of Good Standing or applicable extract from a corporate register may be required for a corporate shareholder.
This can help provide current corporate information about the overseas entity.
The document required may differ depending on the country where the corporate shareholder is registered.
Businesses should therefore avoid assuming that one specific document will be accepted for every foreign jurisdiction.
7. Certificate of Incumbency
A Certificate of Incumbency may also be relevant for certain corporate shareholders.
This document can provide information about individuals holding relevant corporate positions and can help support the company’s corporate records.
Whether it is required depends on the corporate structure and applicable RAKEZ checklist.
8. Memorandum and Articles of Association
The Memorandum and Articles of Association (MOA/AOA) may be required when a corporate shareholder is involved.
These documents can help establish information relating to:
- Shareholders
- Shareholding structure
- Corporate powers
- Governance
- Management
- Ownership arrangements
If amendments have been made to the constitutional documents, the relevant updated documents may also need to be provided.
9. Corporate or Board Resolution
A corporate or board resolution can be required where a corporate shareholder is involved in a company formation or shareholder-structure change.
Depending on the circumstances, the resolution may address matters such as:
- Becoming a shareholder
- Approving a shareholder change
- Establishing a company
- Appointing a representative
- Authorising a specific corporate action
The applicable resolution should be prepared and authenticated according to the relevant requirements.
Do All RAKEZ Companies Need the Same UBO Documents?
No.
This is one of the most important points when preparing a RAKEZ UBO declaration.
Simple ownership structure
For example:
Individual Investor → RAKEZ Company
The documentation may primarily involve the applicable UBO declaration and passport documentation, together with other documents required for the specific company application.
Corporate ownership structure
For example:
Overseas Company → RAKEZ Company
Additional documents may be needed, such as:
- Corporate registration documents
- Certificate of Good Standing
- MOA/AOA
- Corporate resolution
- Ownership structure chart
- UBO passport copy
- UBO declaration
The final document list should always be checked against the current RAKEZ requirements for the particular application.
What Documents Are Needed When Changing a RAKEZ Shareholder?
UBO documentation can also be required when an existing RAKEZ company changes its shareholder structure.
For applicable corporate shareholder changes, RAKEZ lists documents including:
- Corporate shareholder documents
- UBO Declaration
- UBO passport copy
- Organisational chart showing the structure up to the UBO names
Other shareholder-change documents can also apply depending on the transaction.
Therefore, a company should not assume that its original UBO documentation will automatically be sufficient after an ownership change.
How Should You Prepare RAKEZ UBO Documents?
A practical preparation process is:
Step 1: Review the Ownership Structure
Identify every direct and indirect shareholder.
Step 2: Identify the Relevant UBO
Determine which individual ultimately owns or controls the company under the applicable UBO criteria.
Step 3: Collect the UBO Passport Copy
Prepare a clear and current passport copy for each applicable UBO.
Step 4: Gather Corporate Documents
If a company is a shareholder, collect the relevant incorporation, registration and constitutional documents.
Step 5: Prepare the Ownership Chart
Show the ownership chain from the RAKEZ company through any intermediate companies to the UBO.
Step 6: Complete the UBO Declaration
Enter the UBO’s personal, ownership and control information accurately.
Step 7: Check Consistency
Compare the declaration against passports, shareholder records and corporate documents.
Step 8: Submit the Documents
Submit the required documentation through the applicable RAKEZ process.
Common Mistakes When Preparing RAKEZ UBO Documents
1. Providing Only the Corporate Shareholder’s Name
A corporate shareholder is not itself the individual UBO. The ownership and control structure should be reviewed to identify the relevant individual.
2. Missing the UBO Passport Copy
The UBO declaration should be accompanied by the applicable passport documentation.
3. Using Inconsistent Names
The name on the UBO declaration should correspond with the passport and relevant corporate records.
4. Ignoring Indirect Ownership
A UBO can be connected through one or more corporate entities. Reviewing only the immediate shareholder may not show the complete ownership structure.
5. Missing the Ownership Chart
For applicable corporate shareholder changes, RAKEZ specifically requires an organisational chart up to the UBO names.
6. Using Outdated Corporate Documents
If the corporate shareholder has changed its directors, shareholders or legal information, check whether updated corporate documents are required.
7. Assuming Every Company Has the Same Checklist
UBO documentation can vary according to the ownership structure and the RAKEZ service involved.
Tips for Preparing UBO Documents Correctly
Before submitting your documents, consider the following:
- Use the current RAKEZ UBO form.
- Keep passport information consistent across documents.
- Identify direct and indirect ownership.
- Prepare an ownership chart for complex structures.
- Keep corporate documents current.
- Check whether foreign documents require authentication.
- Review the declaration before submission.
- Update UBO information when relevant ownership or control information changes.
These steps are particularly useful for foreign investors and international companies establishing or restructuring a RAKEZ business.
Why Work With a RAKEZ Business Setup Consultant?
Preparing a UBO declaration can be straightforward for a simple ownership structure. It can become more involved when a company has overseas corporate shareholders, multiple ownership layers or shareholder changes.
A RAKEZ business setup consultant can assist with:
- Reviewing the ownership structure
- Identifying the relevant UBO
- Preparing the UBO declaration
- Organising passport documents
- Coordinating corporate documents
- Preparing ownership charts
- Supporting shareholder amendments
- Coordinating RAKEZ documentation
- Providing ongoing corporate compliance support
Professional assistance can be particularly useful when the shareholder structure involves multiple jurisdictions.
Final Thoughts
The main documents needed for a RAKEZ UBO Declaration are the applicable UBO Declaration Form and the UBO’s passport copy. Companies with corporate shareholders or more complex ownership structures may also need corporate registration documents, MOA/AOA, Good Standing or Commercial Register documents, Certificate of Incumbency, corporate resolutions and an ownership structure chart.
The exact document list can vary depending on the company structure and the RAKEZ service being requested. Before submitting the declaration, make sure the UBO information is consistent with the company’s shareholder and corporate records.
If you need help preparing your RAKEZ company documentation, RAKEZUAE.com can assist with company formation, licensing, UBO documentation, compliance and related business setup requirements.
Frequently Asked Questions
1. What is the main document required for a RAKEZ UBO Declaration?
The main document is the applicable RAKEZ UBO Declaration Form. A passport copy of the relevant UBO is also required for applicable structures. Additional corporate documents may be needed when a company is owned by another corporate entity.
2. Is a UBO passport copy required?
Yes, RAKEZ’s published documentation identifies the UBO passport copy as supporting documentation for the applicable UBO declaration. If more than one individual falls within the applicable UBO definition, separate declarations and passport copies may be required.
3. Is an ownership structure chart required for a RAKEZ UBO declaration?
An organisational chart can be required for certain corporate shareholder and shareholder-structure-change applications. It should show the ownership structure through to the names of the relevant UBOs.
4. What documents are needed if a foreign company owns a RAKEZ company?
Additional documents can include the foreign company’s registration or incorporation documents, trade licence or equivalent, Good Standing or Commercial Register document, MOA/AOA, corporate resolution, UBO declaration, UBO passport copy and ownership structure information.
5. Do all RAKEZ companies need the same UBO documents?
No. The documentation depends on the ownership structure and the specific RAKEZ application. A straightforward individual ownership structure may require fewer supporting documents than a company owned through one or more corporate entities.
6. Can a consultant help prepare RAKEZ UBO documents?
Yes. A business setup consultant can help review the ownership structure, organise UBO and corporate documents, prepare the declaration and coordinate the applicable RAKEZ documentation process.
