Companies Act (Register of Beneficial Owners) Regulations, 2017 - Nexia BT

Companies Act (Register of Beneficial Owners) Regulations, 2017

/, News/Companies Act (Register of Beneficial Owners) Regulations, 2017

Companies Act (Register of Beneficial Owners) Regulations, 2017

The implementation of the 4th Anti-Money Laundering Directive in Malta has brought with it the requirement to introduce a Register of Beneficial Owners as of 1st January 2018. This brings with it new obligations for local companies, unless these are otherwise exempt for the following reasons:

  • Listed on a regulated market; and
  • All the registered shareholders of which are natural persons who are disclosed in the public records of the register of commercial partnerships maintained by the Registry of Companies.

 

A beneficial owner is defined as a shareholder or individual owning more than 25% of the company or exercising control. The main points set out by these new regulations are the following:

New companies being incorporated after the 1st of January 2018 are now obliged to provide a specific form indicating the details of the respective beneficial owners of the new company signed by two prospective directors (unless a sole director is proposed).

  • Existing companies incorporated before the 1st January 2018 undertaking a transfer of shares after 30 June 2018, shall use a specific form indicating the changes in beneficial owners of the company effected by such a share transfer.
  • Existing companies shall be obliged, after 30th June 2018, to inform the Registrar with the details of the beneficial owners of the company through a specific form. Such form shall be provided when the next anniversary of the company falls due after the end of June 2018, or when a share transfer is effected, whichever comes first.
  • All companies that fall under this regulation are obliged to hold an internal register of beneficial owners at the registered office or at a location as specified in the Memorandum & Articles of the company.
  • Strict and heavy fines are in force for those companies that do not comply with this regulation.
  • All officers, shareholders and beneficial owners of the company share equal responsibility and liability vis-à-vis imposed penalties.

 

Should you require further information or our assistance in this regard feel free to contact us on corporate@nexiabt.com.

By | 2018-06-13T08:35:07+00:00 junio 13th, 2018|Corporate & Tax, News|0 Comments

About the Author:

Leave A Comment