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UBO Declaration

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A individual or group that owns or controls more than 25% of a company's stock and/or voting rights. It is also the person or entity who eventually profits from a company's dealings. Control or ownership of a corporation by a UBO might be direct or indirect. The Resolution (cabinet resolution 58) establishes explicit application criteria that must be followed by all relevant institutions.

What is the definition of an Ultimate Beneficial Owner?
Identification of UBO
  • According to the resolution, the UBO is the person who owns and controls a corporation, either directly or indirectly. Individuals who possess at least 25% of a company's shares and voting rights, or who have the authority to remove and nominate a majority of a company's directors, are designated UBOs.
  • If no natural person fits the aforementioned criteria, the UBO shall be someone who holds control over a corporation through other methods.
  • If no natural person can be discovered who fits the qualifications indicated in the first two paragraphs, the UBO will be a person assigned to a senior management position in the organization.
  • If the requirements for recognizing a UBO are shared by more than one person (for example, 25% of voting rights are held by two people), then all of them will be designated as UBOs.

The resolution further stipulates that for the purpose of determining a company's UBO, any arrangement is acceptable. This means that businesses can seek assistance from various legal persons and/or third parties. After identifying a UBO, a corporation must keep an up-to-date record of the UBO's details at all times.

How to Determine the Ultimate Beneficial Owner

The following method should be used to identify and validate a company's UBO:

 

  • Obtain the credentials of a legal body to determine whether the firm is registered and authentic.
  • Acquire data on the ownership chain of a legal entity in order to identify all individuals who have direct or indirect ownership in the entity through shares or interests.
  • Compare each beneficiary owner's ownership share, share percentage, and management control. This will assist you in identifying the persons that have the most power in the firm.
  • Compare each BO's ownership and control levels to the UBO identification requirements specified in Resolution 58. The UBO will be the person who satisfies all of the requirements.
  • Third-party expert assistance can make UBO verification easier. Once a UBO has been discovered, a corporation must collect the essential information and construct the Register of Beneficial Owners for submission to the authorities.
How Can Nadeem And Umendra Chartered Accountants Assist?

Nadeem And Umendra Chartered Accountants offers the skills and understanding to assist companies in meeting the resolution's requirements. It is a delicate affair to verify and declare your UBO. The information you collect and offer must be accurate and credible.

  • Current Situation: We have the manpower and knowledge to give you with the essential advise. They will assist you in gathering and verifying all of the initial information that you will need to register with your authorities.
  • Assistance with Registration: After gathering the necessary information, they can organize and prepare it in accordance with the instructions set by the authorities. They ensure that your registration submission is error-free and conforms to the resolution.
  • Provide Ongoing Support: During the registration process, entities are frequently prompted to supply additional information as needed. We can assist you in swiftly and reliably preparing any additional data that you want.
  • Regular Review: Entities are expected to notify the authorities of any changes to the data in their registers. We can keep track of all changes to your data and respond quickly if an update is required to be supplied to the authorities. They can make certain that you tell the authorities within 15 days.
  • Deregistration: You must notify the appropriate authorities if your UBO changes. We can assist you with this procedure and ensure that you deregister in compliance with the law.
  • Data Confidentiality: No one has access to the data provided to the authorities in the registries. Nadeem And Umendra Chartered Accountants, as a competent and respected organization, can assure the security of your data (in compliance with the data confidentiality clauses of Cabinet Resolution 58/2020's Article (15) clauses 1-2).


Having expert assistance from a third party might make the UBO registration procedure go more smoothly for your firm. It will also ensure that you achieve all of your deadlines on time and without incident.