GitHub

According to the Measures for Information Management for Beneficiary Owners (Decree of the General Directorate of National Market Supervision of the People ' s Bank of China [2024] With a view to improving market transparency, maintaining market order, financial order and preventing and suppressing money-laundering and terrorist financing, and in accordance with Act No. 3, hereinafter referred to as " the Scheme " , and the relevant provisions, you are kindly reminded of the need to complete the required information for all beneficiaries.

I. Which subjects need to be filed

(i) Subjects subject to filing (hereinafter referred to as general subject matter of filing)

Companies, partnerships, branches of foreign companies.

(ii) Subject matter not required or not required for the time being

Individual business and industry; legal entities of unincorporated enterprises, individual sole-owned enterprises, farmers ' professional cooperatives (co-operatives) and their branches; branches of domestic companies and partnerships.

II. Pledges of waivers

The subject of the file, who fulfils the following four conditions at the same time, may be exempted from filing the beneficial owner after the commitment has been made, provided that the commitment is read in the relevant registration system and a check is made to confirm:

1. Registered capital (financing) does not exceed RMB 10 million (or its equivalent in foreign currency);

2. All shareholders and partners are natural persons;

3. There is no physical control of the shareholders or natural persons other than the partners or the proceeds derived from them;

4. There are no cases in which they are controlled by or from other than equity or partnership interests.

III. How to identify beneficiaries

Articles 6, 7 and 8 of the Scheme provide as follows:

Article 6. Natural persons who meet one of the following conditions are beneficial owners of the subject matter of the file.

1. Final ownership, directly or indirectly, of more than 25 per cent of the shares, shares or partnership in the subject matter of the file;

2. If the first criterion has not been met, it shall ultimately enjoy a right to return and a right to vote of more than 25 per cent of the subject of the filing;

3. While the first criterion is not met, the material control of the subject matter of the file is exercised, either individually or jointly.

The actual control referred to in the third paragraph of the preceding paragraph includes, but is not limited to, the exercise of control through agreement, close relationships, such as decisions on the appointment and removal of legal representatives, directors, supervisors, senior managers or executive partners, decisions on major operations, the formulation or execution of management decisions, decisions on financial revenues and expenditures, and the effective long-term disposal of significant assets or major funds.

In the absence of the three situations provided for in paragraph 1, the person responsible for day-to-day management in the subject-matter of the file should be treated as the beneficial owner.

Article 7. State-owned sole-owned companies and State-owned holding companies shall record legal representatives as beneficial owners.

Article 8 The beneficial owner of the branch of a foreign company is the beneficial owner of the foreign company, as determined by the foreign company in accordance with the provisions of article VI of this Scheme, and the senior manager of the branch.

The criteria for declaring an exemption for beneficial owners of foreign companies in their own countries do not apply to China.

IV. Major filing processes (as in the Tibet region)

(i) Legal personality filing process

1. User registration (entry)

Unregistered users are required to download the Tibetan political service APP from their mobile phone, click “My” on the bottom right corner, click “Legal person login”, click “No account number yet, register immediately” and complete their registration. Registered users need to reset the password before login if they forget the password.

Note: When the Tibetan government service APP is being used with an updated bullet window alert, it is necessary to complete the update before it can be implemented.

2. System access

Access to the public service portal for market supervision and management in the Tibet Autonomous Region (https://ggfw.amr.xizang.gov.cn:9998/), click on “Enterprise Specialized Areas”, click on “Legal Users” and enter the user name and password of the first step (1. User registration (entry) for login).

3. Complete filing

On the first page of the TAR Market Supervision and Management Public Service Portal, click on “Material Registration”, click on “Info for Beneficiary Owners (Registration)” (it is recommended to log in with a computer device, which may result in the module not being shown), click on the business subject that needs to file, and select one of the three types of filing to file according to the enterprise, to file by systematic tip.

(ii) Illegal person filing process

1. Login certification

The system will have a bullet window, which will require the use of the Tibetan administration's APP (individual user login) to scan the two-dimensional code on the left side of the identification.

2. System delegation of authority

After the identification is completed, click on the " Subject Registration " , click on " Beneficiary Owner Information (Cable) " , click on " Request for a new authorization " , choose " Self-Help Authorization " , fill in the corresponding information after " Submitt " and complete the authorization.

3. Complete filing

Returns the beneficial owner information (file) interface, which is completed by selecting one of the three types of filing according to the enterprise, by means of a system alert.

Note: Click on the " Operations Centre" to check for success in filing.

V. Changes in filing

In the event of a change in the information of the beneficial owner of the subject, or if the condition of the promise of exemption is no longer met, the information of the beneficial owner shall be updated through the relevant registration system within 30 days from the date of the change or non-compliance of the condition of the promise of exemption.

VI. Detailed filing requirements and advice

(i) Downloading of record-keeping guidelines, operational manuals, etc. through the following link

https://lasa.pbc.gov.cn/lasa/120555/index.html

(ii) National Unified Counselling Hotline: 021-58899966

Hours of service: Statutory working days (9-17:00)

(Source: Lin Chi Market Supervision Online

The exoneration states:

This paper is published for the sole purpose of promoting anti-money-laundering, and for sharing, communication and study purposes, the relevant reference material is derived from publicly available information, indicating the source and source. The company only extracts and edits the contents of the publicly available information, does not guarantee its authenticity, accuracy and completeness, and does not assume any responsibility for losses arising or likely to result from the use of such information. Please contact us in a timely manner if the content of the work, copyright and other issues are involved.

A sweet hint.

In order to prevent you from being used by criminals to protect your interests, be vigilant against fraud, illegal fund-raising and money-laundering, and refrain from renting, lending your identity documents and financial accounts.

Please cooperate actively with securities futures operators in due diligence:

Providing valid identity documents;

2. To register your name, occupation, place of habitual residence, contact information, etc.;

To cooperate with the securities futures business in confirming your identity information by telephone, mail, etc.;

4. Answer the reasonable questions posed by the staff of the securities futures operators.

The author of this article can add something to it!