Entering information about beneficiaries. Beneficiaries 2020

ATTENTION, MANDATORY SUBMISSION OF INFORMATION ABOUT THE BENEFICIARY 2020. Lviv

PENALTIES ARE PROVIDED FOR FAILURE TO SUBMIT INFORMATION ABOUT THE BENEFICIARY OWNER FROM 17 THOUSAND TO THOUSAND GIVEN, UNDER PART 6 OF ART. 166 КпАП.

Fines are imposed on the head of the enterprise!

On April 28, 2020, the Law “On Prevention and Counteraction to Legalization of Proceeds from Crime,” No. 361-9 of December 6, 2019, will become valid. The law provides new rules for disclosure of the ownership structure of the company, ie the disclosure of the beneficiary - the actual owner of the legal entity.

As for the concept of "beneficiary", translated from a foreign language, this word means "beneficiary". In the legal sphere, the term ultimate beneficial owner means a citizen (individual) who has actual weight for the work of the enterprise and receives material benefits from it.

As a rule, there are two types of beneficiaries, namely:

• persons, directly or through other persons have a share equal to or more than a quarter of the authorized capital of the enterprise;

• persons who have the opportunity to coordinate the activities of the enterprise regardless of formal ownership.

When opening (registering) a company in Lviv or making changes to the information about it, the applicant must submit to the state registrar the ownership structure and documents that identify the final beneficiary of the company.

As for companies that were registered long before April 28, 2020, they are also required to submit information about the beneficiary within 3 months after the law enters into force. In addition, it is stated that the information on the final beneficiaries must be updated every year, it is necessary to notify the registrar of changes in the information about the final beneficiary and submit the appropriate package of documents. It is also stated that this information should be publicly available.

Attention beneficiaries 2020! The following information about the ultimate beneficial owner of the legal entity must be entered in the USR:

• passport data (name, date of birth);
• citizenship;
• series, passport number of a citizen of Ukraine or passport document of a foreigner;
  actual place of residence;
• full name, for the resident, the identification code number of the founder of the legal entity in which this person is the ultimate beneficiary;
• nature, share, degree of beneficial effect or ownership.

In turn, the law provides for an increase in the amount of the fine that may be imposed on the head of the company for failure to disclose the beneficiary or for failure to submit documents to confirm the information provided. From April this year, the new fine will range from 17 to 51 thousand hryvnias, which is in the range of 1-3 thousand non-taxable minimum.

WARNING!!!

The law affects the interests of accountants and accounting firms that provide private services. They become the subjects of primary financial monitoring. Hired Accountants will be required to inspect the financial transactions of their clients and report suspicious transactions to the public financial monitoring service.

For more detailed information, consultations on the disclosure of the beneficiary in Lviv can contact the Law Firm OLSON LVIV. Our highly qualified specialists have extensive practical experience and will help you solve problems in the shortest possible time.