Beneficial owner (wirtschaftlich Berechtigter)
Also: wirtschaftlich Berechtigter, fiktiver wirtschaftlich Berechtigter, ultimate beneficial owner, UBO
In short
A beneficial owner is any natural person who ultimately owns or controls a company, in particular with more than 25% of the capital shares or voting rights. If no one can be identified, the legal representative is deemed to be the beneficial owner.
Beneficial owner (wirtschaftlich Berechtigter) explained
The threshold is set out in Sec. 3 (2) GwG. Direct and indirect holdings are counted: if a holding company holds the shares, what matters is who controls the holding, i.e. can exercise a controlling influence. Even without a majority of shares, anyone who exercises control in a comparable way is a beneficial owner. If no one is found after a comprehensive review, the legal representative, the managing partner or the partner is deemed to be the notional beneficial owner, in a GmbH therefore the managing director. Example: if four shareholders each hold 25% and no one else exercises control, none has more than 25%, and the managing director is the notional beneficial owner.
