Global regulatory trends are increasingly emphasizing corporate transparency, so for businesses operating internationally, reporting accurate beneficial ownership information is critical to establishing good standing and complying with local regulations that aim to combat corruption and financial crimes.
A UBO or beneficial owner is an individual who has significant control or influence over a business and/or benefits from their association with the company. While the general definition of a UBO is shared by most countries, each implements its own threshold and rules for meeting beneficial ownership requirements.
Understanding the local rules in every country a business transacts in will safeguard the entity from potential penalties for non-compliance and reputational damage.
In this guide, you’ll find an overview of how UBOs can be defined, why it is important to understand UBO rules, what are the local requirements from some of the top countries, and key compliance considerations.