Notice to Clients on New Requirements to Submit Information of Beneficial Ownership
Beneficial Owners and Company Compliance Requirements
Who is a “Beneficial owner”?
The Companies Act Cap 212 defines a “beneficial owner” as a natural person: –
- who directly or indirectly ultimately owns or exercises substantial control over an entity or an arrangement;
- who has a substantial economic interest in or receives substantial economic benefit from an entity or an arrangement directly or indirectly whether acting alone or together with other persons;
- on whose behalf an arrangement is conducted; or
- who exercises significant control or influence over a person or arrangement.