Beneficial Owner and Director Definitions
What are "beneficial owners" and "directors?"
The exact rules vary by country, but beneficial owners typically include individuals who:
Own a significant percentage of your company (often 25% or more), and/or
Exercise significant control over your company.
Individuals considered to “exercise significant control” over your company are those responsible for managing and directing the business and may include executive officers or senior managers, such as CEO, CFO, COO, Managing Member, General Partner, President, Vice President, or Treasurer.
Similar to beneficial owners, the definition of a director varies by country, but typically includes individuals who are:
Members of the governing board of your company, and/or
Responsible for ensuring the company meets its regulatory obligations.
If your company is owned by a legal entity instead of an individual, find out what to collect for them.