Legal Compliance: Parliament Extends Deadline for... | KPMG | UA

Legal Compliance: Parliament Extends Deadline for Disclosure of Ultimate Beneficiary

Legal Compliance: Parliament Extends Deadline for...

26 May 2015


Related content

On 21 May 2015, the Ukrainian Parliament adopted Law No. 475-VIII (the "Law").

The Law extends the deadline for disclosure of ultimate beneficiaries of a Ukrainian legal entity as well as rectifies other inaccuracies of Law of Ukraine “On Amending Certain Legislative Acts of Ukraine as to Determining Ultimate Beneficiaries of Legal Entities and Public Persons” No. 1701-VII dated 14 October 2014. The Law shall take effect on 26 May 2015.

According to the Law, key changes are as follows:

  • The deadline for disclosure of the information on ultimate beneficiaries of the legal entity to the State Registrar of Companies is shifted from 25 May 2015 to 25 September 2015; 
  • If the legal entity has no ultimate individual beneficiary, then such legal entity shall submit a respective statement to the State Registrar of Companies; and
  • The following legal entities are not required to submit the information about ultimate beneficiaries: (a) companies owned by individuals only, provided that such individuals are ultimate beneficiaries of that company; (b) political parties; (c) creative unions; (d) advocate associations; (e) chambers of commerce; (f) religion organisations, (g) state and municipal companies as well as (h) state and municipal bodies and their associations.

If a legal entity fails to provide the information on the ultimate beneficiary until 25 September 2015, it will result in the administrative fine imposed on its director in the amount of UAH 5 100,00 – 8 500,00 (approx. EUR 220 – 370).

In case additional consultation required on the abovementioned issues, please do not hesitate to contact Tatiana Zamorska (+380444590026), Yuliana Revyuk or contact us at general office number: +380444905507.

Connect with us


Request for proposal