We remind you of the obligation to complete the data in the Central Register of Real Beneficiaries
15 November 2019
15 November 2019
On 13 October 2019, the Central Register of Beneficial Owners began to operate. It is an IT system maintained by the minister competent for public finance, used to process information about beneficial owners beneficiaries, i.e. natural persons exercising control over Polish commercial companies.
Below we present the basic problems that are connected with the obligation to giving a notification to the Register:
1. WHO IS OBLIGED TO GIVE A NOTIFICATION OF THE BENEFICIAL OWNER?
Notifications to the Register are made by the following commercial companies:
2. WHO IS A BENEFICIAL OWNER?
The Beneficial Owner is a natural person or natural persons exercising directly or indirectly control over a commercial company through their rights, which result from legal or factual circumstances, enabling the decisive influence over the activities undertaken by that company, or a natural person or natural persons in on behalf of whom business relations are established or an occasional transaction is carried out, including in the case of a company which is a legal person:
3. WHICH DETAILS ARE SUBJECT TO NOTIFICATION?
The Register is public and access to it is free. The Register is kept by the Ministry of Finance in the ICT system.
4. WHAT ARE THE DATES FOR NOTIFICATION?
Entities registered in the Register are required to report to the Register a change in their identification details concerning them or a change in the identification details of the beneficial owner within 7 days from the date of their change.
For entities entered into the National Court Register before 13 October 2019, the deadline was extended to 13 April 2020. However, bearing in mind that in some situations determining the beneficial owner may be time-consuming, measures should be taken in advance to obtain relevant information in this regard.
5. HOW TO REPORT A BENEFICIAL OWNER TO THE REGISTER?
Notifications to the Register are made free of charge, in the form of an electronic document in according to the template provided by the Ministry of Finance, provided with a qualified electronic signature or signature confirmed by an ePUAP trusted profile, available at the link https://crbr.podatki.gov.pl/adcrbr/#/.
ATTENTION! Only the person entitled to represent the company will be able to give the notification to the Register. It is not possible to entrust this task to other persons, including professional proxies.
Notification to the Register will contain an obligatory statement of the person giving the notification of the truth of the information reported. This statement is made under pain of criminal liability for submitting a false statement.
6. WHAT IF WE DO NOT GIVE THE NOTIFICATION TO THE REGISTER WITHIN THE REQUIRED TIME?
Companies that have not complied with the obligation to give a notification with the required information to the Register within the time limit specified in the Act, shall be subject to a financial penalty of up to PLN 1,000,000.
We will be keeping track of the legislative work and keep you informed of any changes in this respect.
The information contained above is of a general nature and does not concern the situation of a specific company. Due to the speed of changes occurring in Polish legislation, we kindly ask you to determine, on the date of this information, whether it is still up to date.
Should you have any questions please do not hesitate to contact us!