The beneficial owner registration has been a relatively recent aspect to doing business and a requirement for all legal entities entered in the Commercial Register.
This duty consists in correctly identifying a company’s beneficial owners and having them registered in the Register of Beneficial Owners in compliance with the Register of Beneficial Owners Act. Failure to have beneficial owners registered may result in quite serious sanctions, such as an order forbidding the payment of dividends. These sanctions were introduced in June 2021. The responsibility for having a company’s beneficial owners correctly registered lies with the company’s executive.
The beneficial owner is always the natural person who is the ultimate recipient of property benefit or the person holding ultimate control. A single legal entity may have multiple beneficial owners.
Have concerns about the registration of your business’s beneficial owners? Get in touch and we will sort it out together.