Which businesses require a UBO extract?

An ultimate beneficial owner (UBO) extract is required for businesses that engage in financial transactions. The UBO extract provides information about the individuals who own or control the business.

Why we ask for this extract:

• To comply with anti-money laundering laws within the EU which aim to prevent money laundering and the financing of terrorism worldwide.
• To verify the identity of the individuals who have significant control or ownership of the business.

If your company falls under one of these definitions, you’ll need to provide a UBO extract:

• Corporations – Including:
  • Unlisted Public Limited Liability Companies: Companies that can issue shares to the public but are not listed on a stock exchange.
  • Unlisted Private Limited Liability Companies: Companies with limited liability for their shareholders, that are not listed on a stock exchange.
  • European Limited Liability Companies: Corporations that operate across EU countries, allowing for flexibility in management and structure.
  • European Economic Interest Groupings (EEIG): A legal form that allows businesses from different EU countries to pool resources for commercial purposes.
  • Limited Liability Companies (LLCs) – Especially those with multiple owners or complex ownership structures.
• Partnerships – Including professional partnerships, general partnerships, and limited partnerships.
• Shipping companies - Companies involved in transporting goods or passengers.
• Foundations and trusts – If the business is structured as a trust or has trustees managing the assets and engages in commercial transactions.
• Churches and religious societies – If engaging in commercial transactions.
• Mutual insurance companies - Insurance companies that are owned by their policyholders, who share in the profits and losses of the company. They are often structured as cooperatives, where members benefit collectively.
• Associations - Both associations with full legal capacity, and with limited legal capacity but with business activity
• Cooperatives: Organisations owned and operated by a group of individuals who share a common interest.

Read next: Where can I request an Ultimate Beneficial Owner extract?