Updating data of beneficiary

Till 30th September 2018 all Estonian companies have to record in the Commercial Register data about ultimate beneficiary owner.

Which data is displayed

According to latest amendments to Estonian legislation, the Estonian Commercial Register now displays information about a company’s actual beneficial owner.

This data includes:

1. Name, personal identification code or date of birth, and residency status.
2. Method of exercising control.

Who can enter data

Any person with access to the company’s online profile in the Commercial Register—such as a member of the management board, a prokurist, a shareholder, etc.—may enter this information.

A corresponding option has been created on the Commercial Register’s online portal for entering this information.

Check this article for more details: https://pantheraleo.eu/beneficiary-in-the-register/

Responsibility and due date

Failure to submit this information may result in penalties for both the company’s management and the company itself.

Although Estonian regulatory authorities are generally lenient toward businesses and do not impose penalties without prior notice, there is no point in pushing your luck.

We recommend to identify the actual beneficial owner at your earliest convenience. Preferably no later than September 30, 2018.

If you seek any advise on the details of this process or any help with entering data about beneficiary owner, just contact us here.