The "Ultimate Beneficial Owner" refers to an individual who is recognized as having a dominant influence over the business activities of a corporate user by directly or indirectly (1) holding more than 25% of the voting rights, among other criteria (2).
Specifically, this includes the following individuals:
(1) Indirect ownership means exercising voting rights via a controlling entity that holds more than 50% of the voting rights. Please refer to the example below:
In the above case, Mr. X directly holds 15% of your voting rights and indirectly holds another 20% through Company Y, resulting in a total of 35% held either directly or indirectly.
(2) If there is another individual who holds more than 50% of the voting rights or is entitled to receive more than 50% of dividends or distributions, that individual will be identified as UBO.
Individuals who, due to illness or other reasons, do not have the intention or ability to effectively control the corporate user, or who are unable to execute business operations, are not considered UBO. Although UBO must be individuals, entities such as national or local governments, unincorporated associations or foundations, listed companies, and their subsidiaries are deemed to be individuals for the purposes of this definition.
