In the new form flow we go through participant types (Nominee, Corporate and Natural) rather than through the roles (Shareholder, Director and UBO’s). After filling the details of the new entity we will walk through the participant types.
This means that we first ask for all nominee positions if there are any. If they were part of the order they will be preselected. You will however have the option to still add nominees if that is still preferable.
Once the Nominee positions have been determined we will go to Corporate participants next.
Under Corporate participants you will be able to declare all corporate shareholders and directors (and Supervisors for Foundations). So if you have any holding companies that will own the new entity they will be declared here.
For every corporate participant we ask initially for a company name, phone number and email address. Underneath that you will be able to select which roles the company will have in the new entity. Additional corporate participants will be added in the same screen when you select “Add Corporate Participant”.
In the example above Bean Suppliers Ltd will act as both shareholder and director in the new entity.
The Natural participants are the real humans who will be declared as part of the new entity. While Nominees and Corporates are optional, we will always need to know at least 1 human who will be connected with the entity.
This can be only as a UBO (Ultimate Beneficial Owner) if there are Nominee and/or Corporate Shareholders and Directors. Alternatively, you have the option to be Shareholder, Director and UBO.
Similar to the Corporate Participant section you will initially only need to fill out the full name, phone number and email address. From there you have to select the role that the person will have in the new entity as well as the corporate participants if there are any.
In the example above you can see that Ben Beans is UBO of Bean Supplier Ltd and UBO of Bean Burners Ltd (the new entity). Sammy Simons has no role in Bean Suppliers Ltd and will be shareholder in personal name as well as UBO of Bean Burners Ltd.
From here you will move onwards to the Share Capital Page and the form will continue as you are familiar with.