Through the register, companies are required to report information about their beneficial owners. Companies that fail to report the relevant identification data on time may face heavy fines.

Who is affected by the new obligations?

Companies:

  • general;
  • limited partnerships;
  • limited joint-stock partnerships;
  • limited liability;
  • joint stock companies, except public companies;
  • simple joint stock companies (to become effective from 1 March 2020),

are obliged to report information on their beneficial owners to the Central Register of Beneficial Owners (CRBR) and update this data.

By what date must notification be made?

Existing companies:

By 13 April 2020.

New companies:

No later than within 7 days from the date of entry in the National Court Register.

What are the sanctions?

A company that fails to comply with the obligation to report information on the Real Beneficiary within the period specified in the Act is subject to a fine of up to PLN 1,000,000.

In addition, the person reporting the information on the Real Beneficiary and updating it shall be liable for the damage caused by reporting false data to the CRBR, as well as failure to report data and changes in data covered by the entry to the CRBR within the statutory deadline.

Who is the beneficial owner?

The beneficial owner is the natural person who directly or indirectly controls the company. The final determination of who has the status of the beneficial owner in a given organisational structure often requires a meticulous analysis of ownership rights.