There is a new coming into force on 13th of October which is important for anyone who either has or plans to have a company in Poland (and those wo are in the middle of the process should be aware of this in particular). A new register – Central Register of Beneficial Owners.
Who should be aware of it?
Various panel discussions, intensive workshops, fireside chats are planned in accordance with the 6 themes.
1) has a company in Poland,
2) is planning to start a company in Poland.
What does it mean?
Special Central Register of Beneficial Owners will be created. Companies and partnerships will be obligated to inform about their beneficial owners. Register will be public.
Who is a beneficial owner?
In general, this is a person who has significant control over a company or a partnership. There are specific thresholds of percentage of share capital when somebody is considered as beneficial owner. However, even any kind of arrangements between people may result in somebody being a beneficial owner. There are more details here.
How much time do I have?
If your company is registered before the new law comes into force, which is 13th of October, 2019, you have 6 months to disclose the beneficial owner.
Any company registered after this date is obligated to register beneficial owners within 7 days after the company (partnership) is registered in the register of entrepreneurs.
#OMGKRK’s Startup Is it enough to do it one time?
Information in the register must be updated within 7 days after any change occurs (e.g. in case of transfer of parent company).
Does it apply to everyone?
Just to make it easier: the new law applies to almost every company and partnership registered in the register of entrepreneurs of the State Court Register (KRS).
It applies even to companies in which beneficial owners are featured in KRS as shareholders.
It also applies to companies with complicated capital structures in which management of the Polish company has no clear way to determine the beneficial owner other than to ask colleagues from the companies that are “above” the Polish one. This may not be that hard, considering that banks require disclosure of the beneficial owner when you open bank account, but it may cause problems if the beneficial owner changes in case of takeover of parent companies.
What are the consequences of not sending the information?
Penalty to the company – up to PLN 1,000,000.00.
Learn more about this Law on the link below!