As of 1st January 2018 all Maltese companies and partnerships have a new obligation: identifying, recording and reporting their beneficial owners to the Registry of Companies. A right of access to such new information will also come about.
IDENTIFICATION, RECORDING AND REPORTING
Which entities must comply?
Both new companies incorporated or redomiciled to Malta, new partnerships (en nom collectif, en nom commandite and limited partnerships), as well as existing companies and partnerships are caught by the rules, with the following exceptions:
What and how to disclose
Companies have to maintain the following information in an internal register, as well as keep records of any changes thereto: name; date of birth; nationality; country of residence; an official identification document number indicating the type of document and its country of issue; and the nature and extent of the beneficial interest held by each beneficial owner.
A declaration signed by relevant company officers, containing with the same information, must be submitted within given deadlines, and re-submitted annually, unless changes to the above occur in the meantime, such as changes in the interest held, or new beneficial owners, in which case a note of change would have to be filed.
When to record and report
The reporting obligation arose as from 1st January 2018.
Companies and partnerships which have been incorporated before 1st January 2018 will have 6 months tocomply with the new regulations.
Penalties for non-compliance by entities can reach EUR 1,000 while providing misleading, false or deceptive in a material particular constitutes a criminal offence punishable with a fine of up to €5,000 or to imprisonment up to 6 months or both.
As of 1st April 2018 access to the above will be granted to a number of persons as follows:
Exception to access only apply:
Can you make it on your own or do you need help?
At KPMG, we have a dedicated team of professionals who can help with an efficient management of the overall processes to ensure clients are fully compliant with the new requirements, including:
In addition, our dedicated team and correspondents in other member firms can provide integrated corporate and tax compliance services across the globe.
Our Core Annual Service looks to assist clients with the routine corporate matters their entities face each year, including ongoing maintenance of corporate registers, which will include preparing and keeping the‘UBO Register’ duly updated.
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