Who is a Beneficial Owner?

A “Beneficial Owner” (wirtschaftlich Berechtigter) is the natural person who ultimately owns or controls a company, even if they are not directly listed in official registers. This usually means:

• Holding more than 25% of the company's shares (see Shareholders).
• Having more than 25% of voting rights.
• Exercising significant influence or control over the company’s management or policies, including many directors.

In practice, many shareholders and directors are beneficial owners.

What is a Transparency Register?

A Transparency Register records beneficial owners to fight money laundering, terrorist financing, and tax evasion. It increases corporate transparency and accountability.

Transparency Register in Ireland

Ireland operates a Register of Beneficial Owners (RBO). All companies must register their UBOs. Access to the RBO is restricted to authorized authorities and certain third parties such as banks. It is not publicly accessible.

Transparency Register in the United Kingdom

The UK runs a People with Significant Control (PSC) Register, which is publicly accessible online. Anyone can check who ultimately controls a company.

Transparency Registers across the EU

The EU’s UBO Directive requires all member states to maintain registers of beneficial owners. However, access varies by country:

• Some (e.g. Ireland, Germany) restrict access to authorities and certain third parties.
• Others (e.g. UK, Denmark) have public registers accessible to everyone.

Who Must Be Identified as a Beneficial Owner?

Not only shareholders but also many directors may be deemed beneficial owners if they have significant control. Companies must verify the identity of all beneficial owners in compliance with anti-money laundering (AML) regulations.

How to Avoid Public Visibility as a Beneficial Owner

Some structures such as trusts or nominee arrangements may reduce direct public disclosure of beneficial owners. In Ireland, the RBO data is kept confidential and not publicly accessible, whereas in the UK, beneficial owners appear on a public register.