Table of contents
- Organization ownership
- Providing UBO information
- UBO documents by country
In this article, we'll answer common questions about UBO and document requirements for different countries, providing clarity for companies, self-employed individuals, and associations.
In the third onboarding step, we'll ask, "Who Has Ownership at Your Organization?" specifically regarding Ultimate Beneficial Owners (UBOs). Let's clarify what UBO means at Swan.
A UBO is a person or entity that ultimately benefits from and controls a company.
For legal entities with legal capacity, you are a UBO if you:
- Have more than 25% ownership or voting rights.
- Have ultimate control.
- Are a legal representative in a company that doesn’t meet the above criteria.
For legal entities without legal capacity:
- Trust agreement: all parties are UBOs.
- Joint possession: all joint possessors are UBOs.
Providing UBO information
1. UBO information
When providing your company's UBO information, you might face three scenarios:
- Autofill: The UBOs personal data is filled in automatically. Double-check for accuracy.
- Partial fill: Some personal data is included but there is missing information. Add the missing information.
- No data: If no personal data is provided, complete all required details from the start.
2. Type of control exercised
This refers to the UBO status based on the level (%) of control or influence a person holds within a company. If you're unsure, here are some examples to clarify:
- Over 25% ownership: automatically a UBO
- No one owns over 25%: legal representative becomes UBO
- Exactly 25%: not automatically a UBO and the legal representative becomes UBO
3. Direct versus indirect ownership
You must share your company's ownership structure:
- Direct ownership: Your UBO directly owns or controls a company, a simple structure.
- Indirect ownership: Ownership is through other companies or entities. For example, if your UBO owns Company A, and Company A has a share in Company B, it's an indirect ownership.
Information required by law
We collect UBO information to follow regulations that support transparency and prevent financial crimes. Money laundering and terrorism financing are examples of financial crimes.
UBO documents by country
UBO documentation rules vary by country. Consult our country-specific articles for a better understanding and examples of how these requirements can differ:
The above-mentioned country-specific articles provide clear guidance and real-world examples for diverse UBO documentation rules in France, Spain, Portugal, Italy, Germany, and the Netherlands.