Hey bunqers 🌈,

When opening your Business account, we request a UBO (Ultimate Beneficial Owner) form for several important reasons:

1. Clarify internal structure: For businesses with multiple directors or shareholders, the form is used to identify the Ultimate Beneficial Owners (UBOs) of the company, ensuring that the individuals who ultimately own or control the company are documented.
2. Meet Compliance & KYC rules: As part of our Know Your Customer (KYC) and Anti-Money Laundering (AML) obligations, we need to understand who controls the company.

In essence, the UBO form is about ensuring legal authority, security, and compliance.

You can access a template for the UBO form here.

Do I really need to fill out the UBO form even if I’m the only director or owner?

Yes, even companies with a sole director may be asked to provide the UBO form. This document is needed to identify the ownership of shares and voting rights, ensuring the identification of the Ultimate Beneficial Owners (UBOs) of the company.

Who needs to sign the UBO form?

The UBO form must be signed by all Ultimate Beneficial Owners (UBOs) of the company.

Related topics

• What are the accepted company structures for a bunq Business account?
• Why do you need a Personal account with your Business account?
• What are the accepted legal forms to open a bunq Business account?

Want to learn more? Explore more bunq knowledge here ✨