The Ultimate Beneficial Owner (UBO) of an ADGM entity is a natural person who owns (either directly or indirectly) 25% or more of the shares in the ADGM entity.
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If there is no natural person identified by the test above, then the UBO will be any natural person who controls the company. "Control" means:
a) a person who holds, or may exercise, directly or indirectly, 25% or more of the voting rights in a company, or

b) holds, or may exercise, the right (directly or indirectly), to appoint or remove a majority of the board of directors of the company.
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If no natural person is identified as the UBO under either of the above tests, then the UBO for the ADGM entity will be any natural person who holds the position of officer of the company. This is the Directors and Secretary (if one is appointed) of the ADGM entity.
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