CRS and multi shareholders

[RexS9999]

I am just curious about this. If one forms a company with five shareholder, each having less than 25% ownership will an offshore bank/investment company ask for the beneficial owner? Under CRS such a company is exempt from reporting. In such a situation who would have to provide the passport? If seems people could use this method to avoid CRS. Am I missing something here? I have no intention of doing this. Just curious.

 

[cryptotree]

I am just curious about this. If one forms a company with five shareholder, each having less than 25% ownership will an offshore bank/investment company ask for the beneficial owner? Under CRS such a company is exempt from reporting. In such a situation who would have to provide the passport? If seems people could use this method to avoid CRS. Am I missing something here? I have no intention of doing this. Just curious.

For the bank the director will be the ubo in that case

 

[Alenka]

For the bank the director will be the ubo in that case

it can be nominee in case of cyprus for example? so that the scheme works?