The Beneficial Ownership Declaration is a mandatory document required under Philippine corporate governance and anti-money laundering frameworks. It must be submitted to relevant authorities when establishing new companies, during annual reporting, or when significant changes in ownership occur. The declaration helps authorities identify and verify the ultimate beneficial owners who have substantial control or ownership interest in legal entities operating in the Philippines. This documentation requirement stems from SEC Memorandum Circular No. 15, Series of 2019, and related anti-money laundering regulations, aimed at promoting transparency and preventing the use of corporate vehicles for illicit purposes. The declaration typically includes detailed information about individuals who own or control 25% or more of a legal entity, either directly or indirectly.
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1. Declaration Details: Identifies the declaring party, their position, and the legal entity for which the declaration is being made
2. Purpose of Declaration: States the purpose of the declaration and the regulatory requirements being fulfilled
3. Beneficial Owner Information: Detailed information about each beneficial owner, including full name, nationality, residential address, and tax identification number
4. Nature of Beneficial Ownership: Description of how beneficial ownership is held (direct shareholding, indirect ownership, voting rights, or other means of control)
5. Ownership Structure: Breakdown of ownership percentages and chain of ownership where applicable
6. Control Structure: Description of control mechanisms and voting rights
7. Declaration of Truth: Formal statement confirming the truthfulness and accuracy of the provided information
8. Certification: Formal certification by the declaring party, including date and signature
1. Corporate Representatives: Additional section for cases where beneficial owners act through corporate representatives or nominees
2. Foreign Ownership Details: Required when beneficial owners include foreign nationals or entities, addressing specific foreign ownership restrictions
3. Trust Arrangements: Required when beneficial ownership involves trust structures or similar arrangements
4. Change in Ownership History: Optional section detailing recent changes in beneficial ownership structure
5. Related Party Transactions: Required when there are significant transactions between the entity and its beneficial owners
1. Schedule A - Identification Documents: Copies of valid government IDs and other identification documents of beneficial owners
2. Schedule B - Corporate Structure Chart: Visual representation of the ownership and control structure
3. Schedule C - Supporting Documents: Additional documentation evidencing beneficial ownership (share certificates, board resolutions, etc.)
4. Schedule D - Tax Residency Information: Details of tax residency status for each beneficial owner
5. Appendix 1 - Definition of Terms: Detailed definitions of key terms used in the declaration
6. Appendix 2 - Regulatory References: Reference to relevant laws and regulations governing beneficial ownership in the Philippines
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Insurance
Real Estate
Mining and Natural Resources
Telecommunications
Retail and Commerce
Manufacturing
Technology
Healthcare
Transportation and Logistics
Energy and Utilities
Professional Services
Construction and Development
Agriculture
Education
Relevant Teams
Legal
Compliance
Corporate Secretariat
Risk Management
Finance
Corporate Governance
Regulatory Affairs
Executive Management
Administrative
Internal Audit
Relevant Roles
Corporate Secretary
Compliance Officer
Legal Counsel
Chief Executive Officer
Chief Financial Officer
Board Director
Company President
Risk Manager
Corporate Governance Officer
Managing Director
General Counsel
Finance Director
Regulatory Affairs Manager
Company Administrator
Corporate Services Manager
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