A UBO return is a document that companies in Pakistan are required to file with the Securities and Exchange Commission (SECP) in order to disclose their ultimate beneficial owners (UBOs). The UBO return must be filed by companies upon the request of the SECP and must be updated whenever there are any changes to the company’s ultimate beneficial ownership.
The UBO return must include the following information:
- The name, national identity card number, and address of each ultimate beneficial owner of the company
- The percentage of the company’s voting rights and capital that is controlled by each ultimate beneficial owner
- The nature and extent of the control exercised by each ultimate beneficial owner over the company
The UBO return is used by the SECP to identify and track the flow of funds through a company and to ensure that the company is in compliance with anti-money laundering and counter-terrorism financing regulations.
It’s worth noting that the UBO return is a public document that is available for inspection by the public. The company must also notify the relevant tax authorities of any changes to its ultimate beneficial ownership and may be required to pay taxes on any changes in ownership.