Beneficial owners are the shareholders of an entity. An Ultimate Beneficial Owner is a natural person who owns and controls the legal person. In the case of direct control, the natural person must hold 25% or more shares or voting rights in the entity directly or through a chain of ownership.
If there is no one having direct ownership, the natural person having indirect control becomes the UBO. Indirect control means having the right to appoint or dismiss the majority of directors or by any other means.
A UBO may also be:
A nominee member on whose behalf transactions are conducted
In the case of joint ownership/control, all are deemed as joint owners in the ratio of capital
In the case of an unidentifiable beneficial owner, the natural person holding the higher management position