What is meant by “beneficial owner”?
The "beneficial owner" is defined as a person or an entity that has the possession and/or benefits of ownership, such as receipt of income. Payment MAY be made in the name of another entity, such as an agent. However, use of an agent does not change the position regarding tax report and tax liability, and the beneficial-owner remains responsible. In addition, unless the “beneficial owner” is organized as a legal entity (for example a partnership or corporation), the payment must be divided among the foreign persons in the group.