A “beneficial owner” is an individual who ultimately owns or controls a company, either directly or indirectly. This can involve owning shares, controlling voting rights, appointing or removing board members, or exercising control over a holding company.

Additionally, a beneficial owner may control other connected entities or persons, or materially influence the company’s management through other means. Filing your beneficial ownership was introduced to help encourages ethical and fair business practice and supports cooperation in combating financial crime.