An ultimate beneficial owner is any individual who directly or indirectly owns an interest of 25% or more in your organisation. What if your organisation has no ultimate beneficial owners with an interest of 25% minimum, and only has a board? Then according to the law the organisation’s directors, such as the chairman, treasurer and secretary, are its ultimate beneficial owners.
Example
An owners’ association has members with apartment rights . If the owners’ association covers two apartment rights, each member will ultimately own 50%. If there are more than four apartment rights, no-one will have an interest of 25% or more. In that case, the ultimate beneficial owners are the individuals sitting on the board. These will usually be its directors, such as the chairman, secretary and treasurer.