FAQs
Who is a beneficial owner?webster2023-11-10T12:58:31-05:00
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)
How do I create a profile for a beneficial owner on CBP?webster2023-11-10T12:10:53-05:00
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
How do I make the beneficial owner (“BO”) filing (First Time) on CBP?webster2023-11-10T12:56:59-05:00
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“