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Simplifying Beneficial Ownership: Understanding Registrable Persons
The concept of registrable persons is a crucial aspect of simplifying and decluttering beneficial ownership (BO) registers. In this article, we will explore the key points related to registrable persons, including who they are, how they are identified, and how they affect the BO register.
Key Points: Simplifying Beneficial Ownership Registers
- The concept of registrable persons is designed to simplify and declutter the beneficial ownership (BO) register.
- A company may be part of a chain of companies or legal entities, which can affect its registrable persons.
- A legal entity cannot be a registrable person unless it meets certain conditions, including being a relevant legal entity.
Identifying Registrable Persons: Purpose and Process
The purpose of identifying registrable persons is to simplify and declutter the BO register, where appropriate. This involves:
Who are considered as registrable persons in relation to an Anguilla company?
- Individual beneficial owners
- A legal entity that meets certain conditions (relevant legal entity)
What makes a legal entity a relevant legal entity?
A legal entity is considered a relevant legal entity if it is an Anguilla company or a foreign listed company that would be a beneficial owner of the company.
Defining Majority Interest
Majority interest is defined as:
- Holding a majority of voting rights
- Having the right to appoint or remove directors
- Meeting one or more other conditions
Understanding Indirect Ownership
Indirect ownership occurs when a person holds a share or right through another legal entity that has a majority interest in it.
How does an ownership chain affect registrable persons?
An ownership chain is considered only if each legal entity in the chain has a majority interest in the one below it.