In the context of legal persons, beneficial owner refers to the natural person(s) who is the ultimately BO is typically defined as an individual who owns more than 25% of the company’s shares or voting rights, or who otherwise exercises control over the management and operations of the entity. Refers to situations in which ownership/control is exercised through a chain of ownership or control other than direct control.

It also includes those natural persons who exercise ultimate effective control over a legal person. Only a natural person can be the ultimate beneficial owner, and more than one natural person can be the ultimate beneficial owner of a given legal person.

In the context of legal arrangements, the beneficial owner includes (i) the settlor(s); (ii) the trustee(s); (iii) the protector(s) (if any); (iv) each beneficiary or where applicable, the class of beneficiaries and objects of a power; and (v) any other natural person(s) exercising ultimate effective control over the arrangement. In the case of a legal arrangement similar to an express trust, beneficial owner refers to the natural person(s) holding an equivalent position to those referred to above. When the trustee and any other party to the legal arrangement is a legal person, the beneficial owner of that legal person should be identified.