A Substantial Controller is a person who is deemed to have a dominant influence over the business activities of a corporation.
When opening a corporate account, we must confirm the Substantial Controller as well.
Please refer to the flowchart below as it depends on who the Substantial Controller is and the nature of the legal entity.
* The Substantial Controller is a natural person. The national government, local governments, listed companies and their subsidiaries are regarded as natural persons.
* In the case of listed companies, governments, local governments, incorporated administrative agencies, etc., there is no need to declare a Substantial Controller.