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Central Register of Beneficial Owners – changes for businesses due to COVID-19?

The Polish government, in order to accommodate businesses, including commercial companies, by the Act of 31 March 2020 amending the act on special measures related to preventing, counteracting and combating COVID-19, other infectious diseases and resulting states of emergency and certain other acts (Journal of Laws of 2020, item 568), has extended the time limit for reporting information on beneficial owners in the Central Register of Beneficial Owners by three months.

According to the original version of the act of 1 March 2018 on counteracting money loundering and financing terrorism (Journal of Laws of 2019, item 1115), the deadline for reporting information on beneficial owners for companies entered in the National Court Register before 13 October 2019 was 13 April 2020. However, due to problems arising as a result of the COVID-19 pandemic, this deadline has been postponed until 13 July 2020. However, it should be highlighted that the postponement of the deadline does not apply to commercial law companies entered in the National Court Register after 12 October 2019. They are still obliged to submit an application to the Central Register of Beneficial Owners within seven days of the registration with the National Court Register.

Which entities are obliged to perform registration in the Central Register of Beneficial Owners? General partnerships, limited partnerships, limited joint-stock partnerships, limited liability companies, simple joint-stock companies (once they start functioning in the Polish legal system), joint-stock companies, with the exception of public companies, are all obliged to report and update information on beneficial owners.

It should also be noted that failure to meet the obligation to report information on beneficial owners before the specified deadline may result in a fine up to PLN 1m.

 

Should you have any questions or wish to discuss the topic further, we encourage you to contact our expert, Anna LEHMANN:

Anna LEHMANN

Anna LEHMANN
Corporate Advisory Partner at RSM Poland
e-mail: ekspert@rsmpoland.pl
tel. +48 61 8515 766
fax +48 61 8515 786