Ireland Beneficial Ownership: Enter a Potential Beneficial Owner

In Diligent Entities, you can enter the particulars for a Potential Beneficial Owner and temporarily store their details without connecting the potential owner to a record. You can use this method, for example, when the person's record has not yet been created in Diligent Entities or when you do not want to record the beneficial owner until the results of your investigations are known or sufficiently advanced.

Enter a Potential Beneficial Owner

To enter a temporary Potential Beneficial Owner:

1. Open the relevant company record.

2. Go to Ownership > Beneficial Owners.

3. Select New.

4. Navigate to the Beneficial Owner section and enter the name of the person in the Potential Beneficial Owner field.

5. Confirm that the name you entered is correct, then add the beneficial owner by selecting the Wand.

   Note

   A warning message appears beneath the potential beneficial owner's name until you connect the beneficial owner to the record.

6. In the Nature of Interest section, enter any condition that applies to the Beneficial Owner as needed. Alternatively, select the Jigsaw to complete this step.

7. Select Add New to enter one or multiple conditions. The Nature of Interest Wizard opens.

8. Select the down arrow to choose the appropriate nature of interest for the beneficial owner. For example, select Shareholding of 25% plus one share: Owns or controls, either directly or indirectly, a shareholding of 25% plus one share.

9. Enter the date when the nature of interest became applicable in the Date From field. You can also enter the Date To in case the interest has ceased, that is, the shares have been transferred or disposed of.

   Note

   The Date From cannot be earlier than 15 November 2016, which is the date when the Beneficial Ownership register came into effect in Ireland.

10. Add any notes as applicable in the Notes section.

    Note

    These notes will not be printed on the Beneficial Owner register.

11. Select Next to continue. The Data Library Wizard opens.

12. Under Action, select the Validate event, then update all records immediately.

13. Select Finish to complete the wizard.

    Note

    If multiple conditions or interest types apply to your beneficial owner, for example, if the beneficial owner owns 25% plus one share and also owns more than 25% of the voting rights, select Nature of Interest or the Jigsaw once again and repeat the steps above. When you are finished, all the selected conditions and interest types will display in the list.

Add or update Status of Investigations

As you are entering the particulars for a Potential Beneficial Owner, you can also add a status of investigations to state that, for example, a Regulation 6 Notice was issued:

1. Go to the Status of Investigations section.

2. Select the Status of Investigations option or the Jigsaw. The Status of Investigations wizard opens.

   Note

   A warning message appears beneath to warn you that there is no status entered for the record.

3. Select the down arrow and select the appropriate status for your record from the dropdown list. For example, select Regulation 6 notice issued - Individual to confirm they are the beneficial owner (or not) as detailed in the Regulation 6 Notice.

4. Enter the Date From and Date To which the status should take effect.

5. Complete the Reminder fields, if applicable, and assign your reminder to the relevant user. Also enter any Notes, if needed.

   Tip

   As a best practice, you should upload any available supporting documents to the Beneficial Owners records such as signed or completed letters or notices. To attach any correspondence or supporting evidence to the record, scroll down to the Attachments section and select the Wand. Next, select Browse to locate and upload the relevant document. Then, select your Document Type, enter a Description and Date, if needed. At the end, select Finish. Repeat these steps to attach as many documents to the record as needed. Also note that certain notices can be produced automatically in Diligent Entities.

6. Select Next. The Data Library Wizard opens.

7. Under Action, select Validate event, then update all records immediately.

8. Finally, select Finish to complete the wizard and update the system with the new status. Repeat these steps as many times as needed to add any further status.

9. When finished with all the fields, select Save in the upper right of the Beneficial Owner page to save and close the record.

   You can return to the record once your Beneficial Owner has been identified, and their particulars have been confirmed.