Companies have several obligations concerning real beneficiary data:
Identify Beneficial Owners and Nominee Directors (if applicable).
Maintain registers, including the Register of Shareholders, Register of Ultimate Beneficial Owners, Register of Directors, and Nominee Directors.
Submit this information to the affiliated licensing authority.
Notify the licensing authority of any changes or amendments within 15 days of their occurrence.
Appoint a contact person (legal representative) for the licensing authority for real beneficiary data inquiries.
Take reasonable steps to ensure transparency, obtain accurate information about the beneficial owner, and regularly update the records.
These obligations are essential for companies to comply with UBO regulations and maintain transparency in their ownership structures.Who is the legal representative?
is the natural resident person that authorized by the company to provide any information and documents required from the company.