🔍Beneficial ownership registration aims to expose money laundering and terrorism financing.
📝All companies, regardless of size, are required to complete a beneficial ownership register.
📋Newly registered companies must complete the register within 10 days and update it annually.
🗂️Beneficial ownership includes power and influence in the company, not just ownership.
🔑Beneficial owners are individuals with more than 5% ownership or significant control over the company.
What is beneficial ownership?
—Beneficial ownership refers to identifying and recording the individuals who ultimately own or control a company.
Who is required to complete a beneficial ownership register?
—All companies, regardless of size, are required to complete a beneficial ownership register.
When must newly registered companies complete the register?
—Newly registered companies must complete the register within 10 days of registration.
How often must the beneficial ownership register be updated?
—The beneficial ownership register must be updated annually on the anniversary date of the company's registration, even if no changes have taken place.
Who qualifies as a beneficial owner?
—Beneficial owners are individuals who hold more than 5% of the company's shares or exercise significant control over the company.
00:03Beneficial ownership has become mandatory for all companies, regardless of size.
00:21The registration aims to expose money laundering and terrorism financing by identifying the individuals behind each corporate structure.
00:44Newly registered companies must complete a beneficial ownership register within 10 days of registration.
00:59The register must be updated annually on the anniversary date of the company's registration, even if no changes have taken place.
01:18Beneficial ownership includes power and influence in the company, not just ownership.
01:24Beneficial owners are individuals who hold more than 5% of the company's shares or exercise significant control over the company.
02:45A beneficial ownership calculator can help determine the number of beneficial owners a company has.
04:38Companies are classified as affected or non-affected based on their ownership structure.
