A company is a self-owned institution, and the members of the board of directors should be considered as UBO - the self-governed institution.
In this case, the company is a self-governed institution, meaning no owners are behind the entity. For self-governed institutions, the board members of the board of directors can be considered the UBOs. In this example, the board members are considered as UBOs.
In the below example:
- There are four board members who are considered as UBOs
- They are all created with 100% ownership and voting rights. This is only done to calculate the UBO status.
This is how the ownership and control structure is created.
When creating a company, there is a self-governed institution where the board of directors members should be considered UBO. You have to mark the Foundation / self-governed institution. This allows the total ownership and voting rights to be higher than 100 %. This is needed to add 100% to all board members.
When creating the board member's role and ownership/voting rights, you should add 100 % ownership and voting rights to all the board members. You should also add the special right “Board of directors.” Combined, this will ensure that the board members will be considered as UBOs for the self-governed institution and all the relevant subsidiaries.
In the UBO tab (Ultimate Beneficial Ownership), you can see all the officers defined as UBO.
The reason for UBO status is ownership and voting rights.