From 13 October 2019 the ultimate beneficial owner (UBO) regulations will come into force. From this moment almost all Polish partnerships and companies registered in the Polish National Court Register will be obliged to identify and register their ultimate beneficial owner.
Details
The ultimate beneficial owner (UBO) registration will be required from 13 October 2019.
Existing entities are given additional 6 months to complete the registration, i.e. till 13 April 2020.
The registration will apply to all Polish partnerships and companies registered in the
Polish National Court Register (except from professional partnerships and listed joint-stock companies).
Failure to comply with the obligation to register UBO may result in penalty up to PLN 1 mln. Reporting untrue data to the UBO Registry will additionally be associated with penal liability of representatives of the applicant entity.
Representatives of Polish partnerships and companies are also liable for damage caused by failure to report within the statutory deadline relevant data or changes in the UBO Register and for reporting untrue data.
To do's
- The UBO register will be in electronic form
- Application must be submitted via dedicated website managed by the Minister of Public Finance
- Application must be signed with qualified e-signature or a signature confirmed by the trusted profile ePUAP
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