Ultimate Beneficial Owner (UBO)

An Ultimate Beneficial Owner (UBO) refers to the primary beneficiary in a transaction initiated by an institution. Beneficial ownership is different from legal ownership, although in most cases, the legal and beneficial owners are the same person. The threshold for beneficial ownership may vary across jurisdictions, typically ranging from 10-25%. For Special Purpose Vehicles (SPVs) established in Delaware (such as those on Syndicately), an ultimate beneficial owner is defined as anyone holding more than 25% of the SPV. In compliance with our banking partner’s requirements, we are obligated to conduct a KYC check on all ultimate beneficial owners of an SPV. This process is seamlessly carried out through our platform where we collect a copy of the investor’s passport or ID.