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Main pageNewsLegal entities registered till 25.11.2014 must firstly bring to the state registrar the information about its ultimate founder (beneficiary party).

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08.12.2014

Legal entities registered till 25.11.2014 must firstly bring to the state registrar the information about its ultimate founder (beneficiary party).

According to the clause 2 of Conclusive and transitional rules of Law ¹ 1701 “On Amending Certain Legislative Acts Related to Identification of Ultimate Beneficiaries of Legal Entities and Public Officials” dated 14.10.2014, legal entities registered till 25.11.2014 (till the day of coming into effect the Law ¹1701) must bring to the state registrar the information about their ultimate owner (beneficiary party), their founder if he is a legal entity during six months from the indicated date.

   Administrative liability (a fine from UAH 5,100 to UAH 8,500) will be introduced for officers or authorized representatives of companies who fail to disclose the information on ultimate beneficiaries to the state registrar. The new article of Ukrainian Code 16611  indicates about administrative infractions.

Beneficial owner of the legal entity -  refers to the individual who have a possibility regardless of formal ownership to make a decisive influence on the management or economic operations of the legal entity directly or through other persons, which provided, in particular, through the implementation of the right of possession or use of all assets or a substantial part thereof, a deciding influence on the formation of structure, results of voting, as well as committing legal transactions, provide an opportunity to determine the conditions of economic activity, to give obligatory instructions to implement or perform the functions of the management body, or who has the ability to influence through direct or indirect (through another natural or legal person) ownership by one person alone or together with related individuals and / or legal entities with share in a legal entity in the amount of 25 percent or more of the share capital or voting rights in a legal entity according to the Law of Ukraine on Prevention and Counteraction to Legalisation (Laundering) of the Proceeds of Crime or Terrorist Financing No. 249-IV of 28 November 2002
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