Presentation of final beneficiaries
The Law of Ukraine «On amendments to some legislative acts of Ukraine concerning the definition of final beneficiaries of legal entities and public figures» determines when to submit information on the final beneficiaries. «
Prior to 09/25/15, the Act of 10.14.2014. № 1701-VII ordered all businesses to provide state — registrar details vыhodopoluchatelyah end. Exceptions are provided only for state and municipal enterprises.
The responsibility for the failure to set centuries. 166-11 CAO — a fine of 5100 to 8500 UAH.
We have registered a bill that extends the deadline. Justice also unofficially announces intention to extend time.
Here in what form, how and what information should be submitted to reduce the risk of prosecution. The objective of the following recommendations is not to find out who actually legislator meant by the final beneficiary (or ultimate beneficial owner). For this task he lost legislator.
In what form to submit the information?
Registrar filed Form №4, approved by the Ministry of Justice of 10.04.2015 № 529/5. Provide any supporting documents provided by law.
Law №1701-VII refers to determining what happened beneficiary defined in the Law of 28.11.2002 № 249-IV, which expired in connection with the adoption of the Law of 10.14.2014 p. №1702-VII. The deadline for the final beneficiary does not contain, was replaced by a more fashionable term ultimate beneficial owner. The definition of both terms are identical and equally incomprehensible. Civil obliges the company to establish the final beneficiaries holders (controllers), and the law «On state registration,» obliges to provide information on the final beneficiaries.
The law №1701-VII final beneficiary is defined very broadly and vaguely. In short, this is an individual
— Which, irrespective of the formal characteristics may exercise decisive influence on the business, or
— A person who directly or together with related parties owns 25 percent or more of the share capital.
CC imposes the obligation on the company to establish final beneficial owners. At the same time, the law provides procedures that would allow the company to get detailed information about the end beneficiaries. In addition, beneficiaries stipulated duty to provide such information to the enterprise.
In practice, the head of the company is only documented information: a percentage of 25 percent or more of the share capital or any document that gives a person authority sufficient to exercise a decisive influence. Note that the law refers only to the final vыhodopoluchatelyah. Thus, the recommendations included in their list of the company manager unfounded.
Responsibility for the submission of false information
Expressed opinions that «no liability for providing false information on the beneficiaries is not established by law.» In view of this conclusion, we note only that the line between providing incomplete information and the offense under Art. 205-1 Criminal Code of Ukraine rather thin. At the same time, excessive zeal included in the list of final beneficiaries of all persons covered by the definition of the law, can also lead to some uncertainty.
We believe that fairly included in the list of final beneficiaries participants with a share of 25 percent or more, and those which decisive influence is confirmed by documents available to the enterprise. Even if later it turns out that some final beneficiaries were lost, the actions of the head can not be qualified as submission of deliberately false information. Head out with the information that it was or could be available. As mentioned above, the law provides procedures that would enable the company to provide comprehensive information on the final beneficiaries. Also provided are not beneficiaries obligation to provide such information to the enterprise. Recommendations guide the founders (or alien registration authorities) requests for information are not devoid of reasonableness. However, the law does not apply such a procedure in the company as a duty.
How to apply?
The company has a choice: stand queue and submit a 4 person and make sure that it is accepted, or use the right provided by the Law «On state registration …» and send the form by mail with an inventory. When by mail in the law means the registered letter (see. Art. 1 — Definitions). According to ch. 2, Art. 8 of the Act if the documents are sent by mail to the registrar, the signature of the applicant must be notarized.
Inventory and sales receipt should be retained as evidence of information the registrar. Even if the registrar leave the document without consideration, to use admin to fine the company will not be easy, but in time the company will eliminate detected violations registrar. It is possible that a legislator will be the time and desire to provide reasonable exceptions in the law.
Term of Service — 1-2 days