Register of Ultimate Beneficial Owner
Deadline for establishing Ultimate Beneficial Owner, according to the Law on Central register of Ultimate Beneficial Owners, is July 8, 2018 or 30 days after Law came into force.
The Law is establishing the Central Register of Ultimate Beneficial Owners which will be kept by The Serbian Business Registers Agency.
The Law applies to the following legal entities and other business subjects registered in Republic of Serbia:
- Companies other than public joint stock companies
- Branches and representative offices of foreign legal entities
- Business associations and associations other than political parties, trade unions, sport and religious associations
- Foundations, endowments, institutions and their representative offices
Pursuant to the Law the ultimate beneficial owner shell be considered as:
- Individual which directly or indirectly holds 25% of ownership or more
- Individual who directly or indirectly influence management or decision making process
- Individual who provides funds and consequently influence management and decision making process
- Individual who is the founder, trustee, beneficiary having dominant position in controlling the business
Business Registers Agency will establish Central register by the end of year 2018 at latest.
Authorized person of entities shall submit relevant information by the end of January 2019.