New records of beneficial owners as of June 2021
12. 5. 2021
As of June 1, 2021 a new Act no. 37/2021 Coll. on records of beneficial owners comes into force (hereinafter „the Act“). The Act expands the list of obligatory recorded data including the description of relationship structure in case of inderict relationship.
The records will be partially accessible to public, i.e. the public gains infromation about name, state of residence, month and year of birth, citizenship and facts about the position of beneficial owner. All data will be accessible by the public authorities and other entities stated by the Act.
The beneficial owner is recognized as every natural person, which can obtain for herself from the legal entity or legal arrangement directly or indirectly significant income or which can directly or indirectly influence the legal entity. It is assumed that the beneficial owner is a person with minimum 25% share in the legal entity.
The records of beneficial owners will include the description of the relationship structure, i.e. description of the whole group of legal entities to recognize the type of influence the beneficial owner has – direct or indirect.
Fines come up to 500 TCZK in case of non-registration of beneficial owner. Furthermore payment of profit share or exercise of voting rights can be restricted and declared invalid.
The records will be partially accessible to public, i.e. the public gains infromation about name, state of residence, month and year of birth, citizenship and facts about the position of beneficial owner. All data will be accessible by the public authorities and other entities stated by the Act.
The beneficial owner is recognized as every natural person, which can obtain for herself from the legal entity or legal arrangement directly or indirectly significant income or which can directly or indirectly influence the legal entity. It is assumed that the beneficial owner is a person with minimum 25% share in the legal entity.
The records of beneficial owners will include the description of the relationship structure, i.e. description of the whole group of legal entities to recognize the type of influence the beneficial owner has – direct or indirect.
Fines come up to 500 TCZK in case of non-registration of beneficial owner. Furthermore payment of profit share or exercise of voting rights can be restricted and declared invalid.