In exceptional cases where no natural person
is identifiable who ultimately owns or exerts controls over the corporation and that the corporation has already exhausted all other means, the board and/or senior managing official shall be considered beneficial owner.
A foreign natural person
may put up an OPC, subject to the applicable constitutional and statutory restrictions on foreign participation in certain investment areas or activities.
The incorporator, however, should be a natural person
of legal age.
Finance ministry official Giorgos Panteli denied he had misled parliament into thinking natural persons
were allowed tax breaks.
Inspections of all business owners are getting stricter and as of next year "hidden" natural persons
will become history.
In case no natural persons
are identified after having exhausted all possible means, or there is any doubt that the persons identified are the beneficial owners, the names of natural person(s) who hold the position of senior managing official(s) of the company shall be entered into the register of beneficial ownership, according to the circular.
In case no natural persons
are identified after having exhausted all possible means or there is any doubt that the persons identified are the beneficial owners, there shall be entered in the register of beneficial ownership the names of the natural persons
who hold the position of senior managing officials of the company.
who ultimately own or control the company through direct or indirect ownership of not less than 10% shares, voting rights, ownership or controlling interest in that company.
The information must be obtained and maintained irrespective of the number of levels of ownership pattern until the natural person
exercising ultimate ownership or control and lying at the end of the ownership chain is revealed.
In addition, banks, when requiring guarantee, often do not consider the financial risk assumed by a natural person
. In some cases guarantee is provided even without holding sufficient personal assets or the liabilities assumed by the warrantor are well above the assets held or revenue being earned.
A primary exception to the "non-natural person rule" discussed above allows for the preservation of tax deferral where the non-natural person owns the annuity as an agent for a natural person
. Based on several IRS rulings, a revocable (living) grantor trust should qualify for this exception because the trust and the grantor are treated as one entity for tax purposes--meaning that the trust is only the nominal holder of the trust assets.
6707A(b) prescribed stated dollar amounts for these penalties (for reportable transactions, $10,000 in the case of a natural person
and $50,000 in any other case; for listed transactions, $100,000 for natural persons
and $200,000 otherwise).