The European disclosure law for the prevention of and fight against money laundering and terrorism financing obliges PayPro to determine the ultimate beneficial owner(s) (UBO) of our clients.

Who are your UBO's?

If your organization regards as legal entity, e.g. Plc., Ltd. (UK), AG, GmbH (DE), SA, SARL, (FR), SA, SL (SP), SpA, SrL (IT), NV, BV (NL) or a comparable one, your UBO is the natural person(s) who ultimately owns or controls the legal entity through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that entity.

In specific, the UBO of a legal entity is the natural person(s) that:

  • owns shares of 25% plus one share or has an ownership interest of more than 25%  by a legal person; and/or
  • can directly or indirectly exercise 25% or more of the voting rights in the general meeting of your organization; and / or
  • has special control over 25% or more of the assets of your organization. This means that the person has a special control right that is stated, for example, in the articles of association of your organization

Is your organization an association, foundation, cooperation or a comparable one, your UBO is the natural person(s) that:

  • holds directly or indirectly more then 25% of ownership interests of the legal entity;
  • holds directly or indirectly more than 25% of the voting rights to change the articles of association of your legal entity
  • in case of a foundation, is the beneficiary of 25% or more of the benefits
  • can exercise control over the legal entity

Is your organization a legal form of a partnership, e.g. LLP (UK), PartG, KG (DE), SEP, SNC (FR), Sociedad colectiva (SP), SAS (IT), vof, cv, maatschap (NL) or a comparable one, your UBO is the natural person(s) that:

  • holds directly or indirectly more then 25% of ownership interests of the partnership; and/or
  • in case of liquidation, entitled to 25% or more of the dissolved partnership; and/or
  • receives 25% or more of the profits of your organization; and/or
  • can exercise more than 25% of the votes regarding management acts and/or changes to the partnership agreement; and/or
  • can exercise control over the legal entity

Is your organisation a trust, your UBO is the natural person(s) that is:

  • the settlor; or
  • the trustee(s); or
  • the protector; or if any
  • the beneficiaries, or where the individuals benefiting from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates; 
  • any other natural person exercising ultimate control over the trust by means of direct or indirect ownership or by other means; 

Please note: Those information regard the general law at the European level. Slightly changes in your national law can occur.

Something unclear?
Whenever you have difficulties or questions to find the UBO's of your organization, feel free to contact us in the chat or at support@paypro.nl.

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