Central Register of Beneficial Owners – new obligation for companies

by Barbara Kaczała

27 August 2019

 
A Central Register of Beneficial Owners is going to be created on 13 October. It is expected to be a tool to review the ownership structure of companies in Poland.

The following entities are obliged to disclose data in the register:

• general partnerships;
• limited partnerships;
• partnerships limited by shares;
• limited liability companies;
• joint-stock companies, except for public companies.

Reportable information:

• name;
• legal form;
• registered office;
• KRS number;
• tax identification number NIP.

It will be necessary to determine the beneficial owner of the company/partnership, that is one or more natural persons who have direct or indirect control over the company/partnership by virtue their rights.

Enterprises will have to disclose the following information about their beneficial owners and about the members of the body or shareholders/partners authorised to represent the entity:

• full name;
• citizenship;
• country of residence;
• Polish resident identification number (PESEL) or the date of birth;
• volume and nature of the share or rights.

The registration deadline is 7 days of the day on which the entity is entered into the National Court Register. Companies/partnerships which are already entered in the National Court Register should report the information within six months, i.e. by 13 April 2020 at the latest.

The register will be public and free.

Failure to disclose the required data in the register is punishable with a fine of up to PLN 1,000,000.

If you need support with determining the beneficial owner or with the registration, Rödl & Partner experts will be happy to help you.