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What is a UBO (Ultimate Beneficial Owner)?

Updated

A UBO (Ultimate Beneficial Owner) is defined differently for companies and trusts. Here are the detailed definitions:

For Companies

The beneficial owner is:

  1. The natural person(s) who ultimately owns or controls the Company through direct or indirect ownership of a sufficient percentage of shares, voting rights, or ownership interest.

Direct ownership or control:

      • Direct ownership of 25% plus one (1) or more of the shares (including bearer shares);
      • Direct ownership of more than 25% of the voting rights; or
      • A direct holding of an ownership interest of more than 25%.

Indirect ownership or control:

      • Indirect ownership of 25% plus one (1) or more of the shares; or
      • Indirect ownership of more than 25% of the voting rights; or
      • An indirect holding of an ownership interest of more than 25%.

  2. A natural person(s) who exercise(s) control via other means.
  3. The natural person(s) holding the position of senior managing official(s) – if, after having exhausted all possible means, no beneficial owner as defined under paragraphs (i) and (ii) above is identified.

For Trusts

The following are considered to be a beneficial owner:

  1. Settlor;
  2. Trustee(s);
  3. Protector (where applicable);
  4. Beneficiaries, or where the individuals benefiting from the trust have yet to be determined, the class of persons in whose main interest the trust is set up or operates; and
  5. Any other natural person exercising ultimate control over the trust by means of direct or indirect ownership or by other means.

Understanding who the UBO is important for regulatory compliance and due diligence processes. If you have any questions or need further assistance, please contact our customer support team at clientservices@trumia.com.