3.5 Register of a company’s beneficial owners

Register of Beneficial Owners

The purpose of this register is to enhance transparency and combat money laundering, tax evasion, and other financial crimes by identifying the individuals who ultimately own or control a company.

The register of beneficial owners typically includes the following information:

Full Name: The full legal name of each beneficial owner.

Residential Address: The residential address or address for service of each beneficial owner.

Nationality: The nationality or country of origin of each beneficial owner.

Date of Birth: The date of birth of each beneficial owner.

Ownership Percentage: The percentage of ownership or control that each beneficial owner holds in the company.

Nature of Control: A description of the nature of the control or influence that each beneficial owner has over the company.

The specific requirements for maintaining and accessing the register of beneficial owners can vary from country to country. In some jurisdictions, companies may be required to submit the register to a government authority, while in others, the register may be kept internally and made available to relevant authorities upon request.

It’s worth noting that beneficial ownership information is typically not publicly accessible to protect individuals’ privacy. However, law enforcement agencies, tax authorities, and other competent authorities may have access to this information to conduct investigations and ensure compliance with the law.

Since regulations and requirements can change over time, it’s essential to refer to the most current laws and regulations in the specific jurisdiction where the company is registered to understand the precise obligations regarding the register of beneficial owners. Consulting with legal professionals or corporate service providers can also help ensure compliance with local regulations.