Beneficiary - a concept that is often used in different areas of offshore business.What does it mean?
Beneficiary - a person who receives the benefit, profit, income from business.So called end payees.Depending on the situation, the value may be different.
Owning company
most often when opening a business registered shareholders, directors and so on., But the names of the real owners remain unspoken.In this case, the beneficiary - a person who is actually the owner and the benefits and profits of the enterprise.This role can play an individual who through participation in other companies or directly controls the company's shares.At the same time legal ownership can be reserved for other people or companies.Information on beneficiaries is confidential, available only to a bank or registered agent.
Through the use of nominee directors and shareholders of offshore companies is often hidden, who is the ultimate beneficiary.This scheme is often rated using a trust agreement or declaration.Occasionally applicable Trust Deed.
Thus, the chain of owners, including beneficiaries, rarely becomes public.
Owning bank account
In this case, the beneficiary - is the account holder who has control over the assets or cash in the account.This person may directly or indirectly manage finances.Moreover, the concept applies only to persons who have complete control over these funds, even if the beneficiary directly There are no transactions, but they are under his direction.When opening an account credit institutions always ask for information about end-beneficiaries.
Asset Management
In this case, the beneficiary - the person who receives the proceeds of the transferred in trust or given to third parties for the use of the property.
Insurance
In this case, the term refers to the person who will receive the sum insured.If a person is insured in case of death, the primary (or contingent) beneficiary may be any other person.
Heritage
beneficiary is the successor in accordance with the will.
Letting property in the lease or rental
term applied to the natural person who receives the rent or the rent.
Letter
If money is drawn on a letter of credit, documentary credit beneficiary is a person in whose name the issuing bank opens it.
opportunities and rights of the beneficiaries
If the beneficiary owns shares of the company, he has the right to transfer their ownership to another person.The final owner is involved in matters related to the share capital.Also, the beneficiary has an indirect right to vote at shareholder meetings.The owner can take part in the selection of the company's board.
