Regulation 20 — Applicability

(1) This chapter shall apply to foreign companies except not for profit
organizations (NPOs).
(2) For the purpose of this chapter; “ ultimate beneficial owner” means a natural person
who ultimately owns or controls a foreign company, whether directly or indirectly, through at least
25% of shares or voting rights or by exercising effective control in that company through other means.
‘Control through other means’ may be exercised through a chain of ownership or through close
relatives or associates having significant influence or control over the f inances or decisions of the
foreign company.