UBO means Ultimate Beneficial Owner. It refers to an individual who ultimately owns or controls a business under the test applicable to the particular law or provider.
Look through corporate layers If one company owns another, the inquiry may need to continue to the individuals behind the corporate shareholder. Voting agreements or other control rights can matter alongside direct share percentages.
A practical example A holding company appears as the shareholder on a Hong Kong company's records. The bank may still request the holding company's ownership documents and identity evidence for the individuals ultimately controlling it.
Do not assume one universal threshold Read the recipient's definition and declaration. The Significant Controllers Register and a provider's due diligence process can require related but different information. Splitting shares or using a nominee does not necessarily remove disclosure duties.
Maintain a dated ownership chart with supporting records and explain changes. The goal is to show the real ownership and control, not merely the first name visible on a share certificate.
Sources and scope
General information, not advice for your individual legal or tax position. Confirm current requirements with the relevant authority or provider.