To ensure compliance and transparency, in some cases we require information about the Ultimate Beneficial Owners (UBOs) of your company, specifically regarding their professional backgrounds and the legitimate sources of their wealth. This helps us verify that the funds used to establish your business originate from lawful and credible sources.
What is a UBO?
A UBO (Ultimate Beneficial Owner) is any individual who ultimately owns or controls more than 10% of a company, either directly or indirectly.
When is Source of Wealth Proof Required?
In certain cases, especially for UBOs with significant ownership, complex backgrounds or ownership structures of the business, we may request proof of Source of Wealth. This is to establish the professional history of the UBO and confirm that their funds are from legitimate sources.
Accepted Proof of Source of Wealth
You may provide any one of the following:
A LinkedIn or other public professional profile
The profile should include a detailed professional history, listing previous and current roles, companies, and locations.
A CV or Resume
The document should outline the UBO’s employment history, positions held, companies, and locations.
Responses to the following questions via email:
Please reply with clear and complete answers to each:Companies Owned:
List all companies currently or previously owned by the UBO, including their locations (if applicable).
Employment History:
Provide details of current and past employment, including positions held and locations (if applicable).
Source of Wealth Confirmation:
Confirm that the UBO’s wealth and funds used to start the business were generated from legitimate sources.
Example Table: UBO Source of Wealth Submission Options
Option | What to Include |
LinkedIn/Public Profile | Detailed work history, company names, positions, locations |
CV/Resume | Chronological employment history, company names, positions, locations |
Email Response | Answers to: (1) Companies owned, (2) Employment history, (3) Confirmation of legitimate funds |