Innovations regarding the provision of information about the ultimate beneficial owner

Please note that according to paragraph 2 of the transitional provisions of the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Regarding the Identification of Ultimate Beneficial Owners of Legal Entities and Public Figures,” legal entities registered before November 25, 2014, must submit information about their ultimate beneficial owner(s) to the state registrar by May 25, 2015. This includes information about the ultimate beneficial owner(s) of their founder if the founder is a legal entity.

This provision does not apply to state and municipal legal entities. The Law of Ukraine “On State Registration of Legal Entities and Individual Entrepreneurs” also states that such information is not included in the registration form for the state registration of political parties, creative unions, and their regional branches, bar associations, chambers of commerce and industry, government bodies, local government bodies, and their associations. Newly established legal entities must disclose this information during the registration of the entity’s creation.

Failure to provide information about the ultimate beneficial owner is subject to administrative liability in the form of a fine ranging from 5,100 UAH to 8,500 UAH, which will be imposed on the head of the legal entity or the person authorized to act on behalf of the legal entity (executive body) (Article 166-11 of the Code of Ukraine on Administrative Offenses).

To submit information about the ultimate beneficial owner, you need to:

1. Complete Form 4 (file);
2. Submit/send the completed Form 4 to the Registration Service Department at the legal entity’s place of registration (if Form 4 is sent by mail, the signature of the head of the legal entity must be notarized);
3. If Form 4 is submitted by a representative, the state registrar must also be provided with a power of attorney granting the right to take such actions and the representative’s passport.

The legislation does not provide for the collection of fees, other actions, or the submission of any other documents for these purposes.

Best regards,

Managing Partner Anna Vinnychenko

Please note that this publication is not a legal consultation and is provided for informational purposes. If you have a specific issue related to this publication, we recommend seeking a full consultation with our specialists.

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