When do I enter an “END DATE” for a beneficial owner on CBP?
The “END DATE” should ONLY be entered when a person or company ceases to be a beneficial owner. At all times there must be at least ONE beneficial owner.
On CBP, what is “Amount of shares taken to date” ?
The amount of shares taken to date is the total amount (sum) of all shares owned by the current shareholders.
On CBP, what is “% of Share”
The “% of Share” is the amount of that shareholder’s shares divided by the “Amount of shares taken to date” multiplied by 100.
How do I make the beneficial owner (“BO”) filing (First Time) on CBP?
Ensure that the profile is already created then proceed to file:
- Go to the dashboard
- Go to “Service” click on the dropdown box and select “Beneficial Owners” from the list
- Then select “New Service Request”
The window with Beneficial Owners will open. Populate:
- ‘Amount of shares taken to date“
- To the left half way down the page click “Add”. Another window will appear.
- Then enter the first 3 to 4 letters of the beneficial owner’s name – DO NOT ADD ANYTHING ELSE
- click on “Search”
- Once the relevant name appears to the extreme right click on “+” which will take you to another window.
- Click on the dropdown boxes “Identification”, “Postal address” and “Physical address” and autofill them
On the right there are 3 boxes:
- Select the one/s that are applicable to each individual/business
- Populate “% of Share”
- Enter “Start Date” (NEVER enter “End Date” unless the individual is no longer a shareholder
***Please note this is done for each “Shareholder” on the entity
- Click “Submit Now”
- Repeat the process for each BO
How do I create a profile for a beneficial owner on CBP?
Once your entity verification has been approved you may proceed to create a profile for each individual and or corporate entity in “People and Business”:
- Ensure that IDs for each person or certificate of incorporation (or similar documents) for each corporate entity are scanned to your computer
- When you log in it takes you straight to the “Dashboard”
- Select “People and Business” (to the right)
- then “Add Person” (if the Beneficial Owner is a person), OR “Add Business” (if it is a business)
- Populate all information fields (nothing is optional – even if that is stated
- SAVE
Who is a beneficial owner?
A beneficial owner:
- Holds, directly or indirectly, more than 25% of the shares or voting rights in the company;
- Or has the right to appoint or remove a majority of the company’s board of directors.
- If no individual in the company meets those conditions, the beneficial owner is the person who (directly or indirectly) has significant influence or control over the company, through either direct or indirect ownership. This does not apply if such control is solely in the capacity of a manager, director or adviser. Refer to Beneficial Ownership (Companies) Regulations (2019 Revision)