There have been a number of changes to the Companies Act (Register of Beneficial Owners) Regulations, 2017 pursuant to Legal Notice 247 of 2020.
A certified copy of the official identification document for every beneficial owner is to be submitted to the Registrar when a declaration is submitted containing information on the beneficial owners of a company. This shall also apply on submitting a notice of change in the beneficial ownership of a company.
Upon the anniversary of a company, the company will now be required to submit the prescribed Annual Confirmation Beneficial Owner Form. The return is to show any change in the details on beneficial owners such as name, country of residence or official identification document number, or confirm that no change in details took place. Upon completion, the return is to be signed by at least one director of the company or the company secretary and delivered to the Registrar for registration within forty-two days after the date to which it is made up. This shall apply with immediate effect.
In the eventuality of a change in the senior managing officials of a company, the said company shall, within fourteen days after the date on which the change is recorded with the company, deliver to the Registrar a notice of the change, in the form set out.
When there occurs at any time, any change in details on beneficial owners such as name, country of residence or official identification document number, the company may deliver to the Registrar for registration a return, in the form set out through LN 247 of 2020. When this change involves a change in name or official identification document number, the company shall also submit a certified true copy of the identification document of the beneficial owner.
In order to ensure accurate and current information, the Registrar initiated physical on-site investigation in order to establish the current beneficial ownership and to verify that the beneficial ownership information submitted
The penalty imposed by the Regulations with respect to incidents whereby the Registrar deems it necessary to update the beneficial ownership information in the register in terms of the Regulations, is being increased and every officer of the company shall be liable to a penalty of not more than one hundred thousand euro (€100,000).
The administrative penalties have also been increased as per table here.
For more information, please contact Rishi Bonello: r.bonello@rosemont.com.mt
Subscribe to our newsletter and don’t miss our news.