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Ultimate Beneficial Owner Definition
A UBO is an individual who benefits from or is impacted positively from a company even though they are not formally named as the owner of a business. It is a real person within the parent company that owns or controls over 25% of the company shares, has the right to exercise significant control over the company and/or has the right to remove the majority of the board of directors. In other a UBO is a person with significant control at the 'top of a tree' in a business.