The procedure of registration is available only in Polish language version.
How to identify UBO and who is obliged?
Identification of the Ultimate Beneficial Owner in a company may be a difficult task because of the complexity of certain corporate structure. In the process of UBO identification the key factor is to be to be familiar with the Polish provisions and definitions indicated in the Polish Act on Anti-Money Laundering and Terrorist Financing.
- Registered Partnerships
- Limited Partnerships
- Limited Liability Companies
- Joint Stocks Companies
Why is UBO registration important for the board members, in particular?
There are two aspects of UBO registration, which members of the management board of the Polish limited liability companies should especially consider:
1. Members of the management board registering the company in UBO Register incur the personal liability for making the false statement in UBO registration and can be held accountable in the future.
2. Members of the management board might be registered as the company’s beneficial owners. In such case the company must collect the documents confirming that, it is not possible to indicate the beneficial owners by other criteria provided in the definition provided in the Act on Anti-money laundering and terrorist financing dated 1st March 2018 (unified text: Journal of Laws of 2019, item 1115, as amended).
In such situation, the data of the registered members of the management board will be disclosed as data of the company’s beneficial owners in the UBO Register, which is widely available for anyone through internet.
Only professional, complete and well-documented process of identification of the UBO can ensure compliance with regulations and avoidance of the above risks for members of the management board in Polish limited liability companies.
When is the deadline for UBO registration?
All entities subject to the UBO obligation, incorporated in Poland before 13th October 2019, have to be registered in Polish UBO Register until 13th of July (more precisely – 12th July 2020 until midnight)
What is required to register in UBO register?
Registration in UBO Register is made online, with the use of qualified electronic signature created in accordance with eIDAS standard or trusted profile (ePUAP signature) by the person/s duly authorised to represent the company, in accordance with the manner the company’s representation.
What is the consequence of not complying with registration?
The maximum penalty that might be imposed on the company as a result of the failure to register in UBO Register within prescribed deadlines is 1 000 000 PLN.
What is the consequence of entering improper data in UBO register?
Entering false and incorrect information to the Polish UBO Register is penalized, and person(s) representing the company in the process of filling the application can be held accountable under their personal liability for making the false statement.