Defining Control and Beneficial Owners in Business Compliance
A control owner is someone who is considered to “exercise significant control” over the company and is responsible for managing and directing the business. These roles may include: CEO, CFO, COO, Managing Director, General Partner, President, Vice President, or Treasurer.
A beneficial owner is anyone who owns 25% or more stake in the business. It is possible for the control owner to also be a beneficial owner. On the application, there can only be one control owner listed, but it is possible for there to be more than one beneficial owner.