For years, the register of members told one story while the person calling the shots told another. Division 8A of the Companies Act 2016, in force since 1 April 2024, closes that gap: every company must now identify the natural person who ultimately owns or controls it, keep a register of beneficial owners, and lodge that information with the registrar.
This issue sets out who counts as a beneficial owner — always a natural person, never a holding company or a nominee — and why the test follows control rather than shareholding alone. A person can be caught exercising significant influence while holding less than 20% of the shares, or none at all; splitting a stake across nominees or trustees does not help, because indirect holdings aggregate to the ultimate owner.
The duty does not rest in one place, and the register is not public. We map who must do what — directors, members, the company secretary, and the beneficial owner — who, in turn, is allowed to look, and the penalty for getting it wrong.