Would you like AdminPulse to perform the UBO calculation for you? In this article, we will guide you step by step on how to complete this process in the UBO section of the relation file. The process consists of two main phases: registering the linked relations and calculating the Ultimate Beneficial Owners (UBOs).
Later in the article, you will also learn how to interpret the results and what impact the UBO calculation by AdminPulse has on compliance.
Step 1: Enter relation details
1.1 Open the Linked relations section
- Navigate to the relation file of the company.
- Open the Linked relations section.
1.2 Add shareholders and other relations
- Click the green button with the plus sign (+) to link a new relation.
- Select the appropriate Link type for the desired relation (e.g., shareholder, director, etc.).
- Locate the specific relation in the list, or create a new relationship by using the plus button (+) next to the 'Relation' field. Assign this relation the status "Other" if it’s being added purely to be linked.
1.3 Register shares and voting rights
- Specify the number of shares and voting rights for each shareholder.
- AdminPulse will automatically calculate each shareholder's share by dividing the provided number by the total shares, the same for voting rights in the company.
1.4 Enter the total number of shares and voting rights
- If there are shares or voting rights with an unknown owner (e.g., public shares), enter the total number of shares and voting rights in the UBO section.
- AdminPulse will automatically calculate the missing shares and voting rights, ensuring the data is complete.
1.5 Add data for corporate shareholders
- If a shareholder is another company, link it and then input the relevant shareholder information in the relation file of that company as well.
- Repeat this process for every company further down the chain.
1.6 Register persons with legal control
- Individuals exerting control through legal structures are automatically marked as UBOs. Ensure these individuals are correctly registered.
1.7 Add company directors
- If no UBOs can be identified through the shareholder structure, the company’s directors will be designated as UBOs.
- If a director is a company, the natural person representing the company will be registered as the UBO.
For Non-Profit Organizations (NPOs):
- Select the Link Type 'Director'.
- For the Position, choose 'Management nonprofit' to properly register permanent members of an NPO.
Step 2: Calculating the UBO structure
2.1 Link relevant relations
Verify that all shareholders, directors, and other relevant relationships are correctly entered in the Linked relations section.
2.2 Perform the calculation
In the UBO section of the relation file, click 'New UBO verification'. AdminPulse will automatically generate a visual representation of the UBO structure.
2.3 View the calculation results
The calculation results provide a hierarchical view of the UBO structure:
- At the top: The company for which the UBO structure is calculated.
- Layers: Each indentation shows the next level in the structure (e.g., direct shareholders or shareholders of shareholders).
- UBOs: Marked with a star (⭐) for easy identification.
- UBO %: Displays the percentage of control exercised by the UBO (including both direct and indirect influence).
- Type of control: Hover your mouse over this column to see why a person or entity has been flagged as a UBO. This explanation may include legal or structural reasons.
- Identification: This column provides an overview of registration information, such as VAT numbers for companies or national registry numbers (or birthdates) for individuals.
- Shares % and Voting rights %: Breaks down ownership and voting rights across the organization.
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Errors or additional information: Any errors or relevant notes appear in the final column. Hover over the icons for more details.
2.4 Enter data into the official UBO register
Use the calculation results as a basis to input the required information into the UBO register. Ensure that you also document the relationship chains demonstrating the control of the ultimate beneficiaries.
2.5 Mark the status in AdminPulse
- Click the 'Mark as entered in the UBO Register' button.
- AdminPulse will automatically add the field 'Verification date' and populate it with today’s date. Adjust the date manually if the entry was made on a different day.
- The company will receive a green checkmark for compliance.
Note: Without this step, compliance will not be marked as complete!
Optional steps
Upload a UBO receipt
- Download the acknowledgment receipt (PDF format) from the official UBO register.
- Click 'Upload PDF from UBO register' in AdminPulse to attach the document to the relation.
View previous checks
- Review previous calculations or checks through the 'Verification date' dropdown.
- Remove old checks if necessary by clicking the bin icon.
Modifications in the UBO structure
When a relation within the UBO structure is modified, AdminPulse will display a warning in the UBO section and the relation ribbon. Depending on the situation, take one of the following steps:
- Change with impact on the UBO structure: Click 'New UBO verification' to update the structure. Ensure the new result is also recorded in the official UBO register.
- Change without impact on the UBO structure: Click 'Last verification still valid' to dismiss the warning.
Tips 💡
- Enable automatic Notifications or set task schedules to receive yearly reminders to reconfirm the UBO structure.
- For more information or to manage the UBO register directly, visit the official UBO register website