A company under liquidation should notify the Regulatory Authority about its Ultimate Beneficial Owner (UBO). The real beneficiary or ultimate beneficiary is a person who owns or controls directly or indirectly 25 percent of the capital. Or a person who is entitled to voting rights for at least 25 percent of the shares, or who exercises ultimate control over a ‘legal person’. The legal person, administrator and the liquidator are required to maintain the Real Beneficiary Register and Partners or Shareholders registers for at least five years from the date of liquidation.
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