What is a beneficial owner ?
From August 2017, French legislator enforces new requirements for all registered companies: the declaration of beneficial owners.
A beneficial owner is a person matching one of the following conditions:
- She/He holds directly or indirectly more than 25 % of the shares or voting power of a a company.
- The control is direct when this individual is the owner of the company's shares.
- She/he keeps a supervisory authority by any other mean over the company.
Worth mentioning : a company is a legal entityand can not be considered as a beneficial owner.
Why is it necessary to identify beneficial owners?
This new regulation also aims at reinforcing the mechanism of anti-fraud and anti-terrorism policy as well as the anti-money laundering policy.
When declaring beneficial owners?
The declaration should be filed with the competent jurisdiction.
Please get in touch wqith your local authoritied in order to know more about this obligation.
How to declare beneficial owners ?
If your company has beneficial owners, you should contact the competent administration in your country in order to know how to delcare them.
Which documents should you upload to your payplug account ?
In order to comply with the declaration of beneficial owners, you should provide one of the following documents:
- a document from the relevant administration.
- articles of association with shareholding distribution.
- an extract from the register of shareholders.
- Your complete tax reports.
- Pieces of IDs of the beneficial owners.