What is Beneficial Owner?

Beneficial owner (BO) is a private person who owns or directly or indirectly controls at least 25 per cent of the merchant’s fixed capital or the total amount of voting shares, or who controls the merchant’s activity in any other way, or person for whose benefit or in whose interests the business relationship is being established. For legal entities BO doesn’t exist or BO is the same legal entity, if this legal entity is public is a corporation and its shares are traded on the regulated market, but no private person controls 25% or more of legal entity’s shares or it is a state or local government company, association or cooperative society, religious organization. BO for foundation is a person or a group of persons for whose benefit a foundation has been set up.