Declaration of UBO

One of the basic points of the 4th. Directive is knowledge of the final beneficiary (UBO) of a legal structure.

When you create a legal entity, you must select the natural and/or legal persons who are shareholders in the legal entity in question on the “Shareholders” tab.

If you declare an individual as a shareholder, you will automatically find the legal entity in the “Declaration of beneficial owner” tab of the individual.

In the natural person’s file, you must then enter whether the natural person is acting in his own name or in the name of one or more third parties.

In the simplest case, the natural person acts entirely in his own name. In this case, it is sufficient to enter 100% in addition to “The shareholder acts in his own name”. You must also have the UBO declaration signed by the natural person and upload the document in the “Document” field. For your information: This document is generated automatically. All you have to do on the screen is click the button ” Print the form for the beneficial owner”.

If the natural person acts only partially in his own name, the identity of the third party concerned and the percentage up to which the other natural person intervenes must be specified.

Attention! Before doing so, you must first have created a “natural person” form for each third person and you must also have their UBO declaration.

You must also upload the identification declaration of the intervening natural person in the “Document” field. This document is generated automatically. You just have to click on the “Actions” button on the right in the list of natural persons and then click on “Print CI”.

Finally, the natural person can also act only on behalf of third parties. In this case, the field “The shareholder is acting in his own name” will additionally show 0% and the breakdown of third parties must cover 100% of the shares held.

In each third party concerned, you will find the relationship between the natural person and the legal entity by identifying the direct shareholder in the “Declaration of beneficial owner” tab.

If the natural person is a shareholder of several legal entities, the same procedure applies to each legal entity.

Before closing, you can use the link (see organization chart on the right) to better identify the relationship between natural persons and legal entities. As you can see, it is also possible to print out this flow chart.

Important! Shares can only be added to natural persons via the legal entity.

More information about adding shares can be found here:

https://www.1stkyc.com/tutorials/legal-persons/shareholders/