Lada Riisna strongly recommending to provide data about actual beneficiaries to Business Register
As of 30 October 2018, only half of the Estonian companies had submitted data about their actual beneficiaries to the Business Register. Senior associate Lada Riisna is strongly recommending all the entities to provide this information at the earliest convenience because as from 1 January 2019 sanctions in amount of up to 300 units of fine for natural persons and up to 32,000 Euro for legal persons will be applied on the companies who fail to submit the information about actual beneficiaries.
Lada Riisna is explaining that an actual beneficiary is a natural person controlling an entity. The actual beneficiary can be a person with direct or indirect ownership relations or any person who is neither the owner nor the manager of an entity but is exercising control over the company in any other manner, for example having the right to appoint most of the management board members etc.
We are reminding that data about actual beneficiaries is subject to be provided by all the entities in the EU. This requirement is proceeding from a recently enforced directive (EU) 2015/849 on the prevention of money laundering (the Fourth Anti-Money Laundering Directive) targeting to make business environment more transparent and establish presumptions for discarding shadow persons and complex corporate structures. According to the information published in public media channels, this measure should be useful for entrepreneurs as well as the state.