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News / Legal alert: first companies must be entered in the Central Register of Beneficial Owners

Legal alert: first companies must be entered in the Central Register of Beneficial Owners


23.10.2019

Legal alert: first companies must be entered in the Central Register of Beneficial Owners

For commercial companies/partnerships (save for public companies) registered on 13 October 2019, the 7-day deadline for reporting the information on their beneficial owners passes on Monday, 21 October 2019.

Failure to satisfy this reporting obligation may give rise to a cash fine for the company of up to PLN 1,000,000. Importantly, the person reporting (management board member/shareholder) information about the beneficial owner will be liable for damage caused by the submission of untrue details to the Register, and for the failure to report the details within the statutory deadline (or changes in details covered by the Register entry), unless the damage was caused by force majeure or solely due to a fault of the aggrieved party or a third party, for which the person reporting information about beneficial owners and updates thereof is not responsible.

In addition, please be reminded that companies registered before 13 October 2019 must be entered in the Register by 13 April 2020.

If you have any questions or doubts in connection with the establishment and the functioning of the Central Register of Beneficial Owners, please do not hesitate to contact the team of the Ożóg Tomczykowski Law Firm.

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