Who is considered a beneficial owner under the proposed FinCEN Beneficial Ownership Rule? Any individual who owns or controls at least 25% of a Reporting Company. A Reporting Company can be a Domestic or a Foreign company and certain exemption apply.
Under the proposed rule, a beneficial owner can also be an individual who is exercising substantial control over a Reporting Company, the decision-makers, those who have the ability to make important decisions over and on behalf of a Reporting Company.
However, FinCEN has identified 5 types of individuals who will not be considered a beneficial owner:
1. Minors;
2. Nominees;
3. Employees;
4. Inheritors;
5. Creditors.
Find out more about this subject by watching the video above!
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