Ultimate beneficial owner (UBO)

The person, or entity, that ultimately owns or controls a U.S. affiliate of a foreign company and that derives the benefits associated with ownership or control. The UBO of a U.S. affiliate is that person, or entity, proceeding up the affiliate’s ownership chain beginning with the foreign parent, that is not owned more than 50 percent by another person, or entity. Unlike the foreign parent, the UBO of a U.S. affiliate may be located in the United States.