A “beneficial owner” refers to an individual who holds the ownership or control of a legal entity, either directly or indirectly. This ownership can be through holding a percentage of shares, ownership interest, voting rights or control through other means. If an individual holds over 25% of shares, voting rights, ownership interest or control, the ownership is considered direct. If the ownership is held by a corporate entity controlled by an individual, it is indirect.
To make sure that everything is legit, you need to provide certain information about the beneficial owners of a company to the RBO (Register of Beneficial Owners). You can do this by going to their official website and filing some particulars online.
These particulars include the name, date of birth, nationality, and address of each of the beneficial owners, as well as details about their interest or ownership in the company. You’ll also need to provide the PPS number of each beneficial owner to confirm their identity.
If a beneficial owner doesn’t have a PPS number, they can declare their identity by submitting a “Declaration as to the Verification of Identity” on the Form BEN2. This will make sure that everything is above board and transparent.
It’s critical to ensure that the information kept in the Register for Beneficial Ownership is comprehensive, accurate, and regularly updated in accordance with the Directive. Not only is this a legal requirement, but it’s also crucial for maintaining transparency and accountability within a company.
By failing to comply with the necessary requirements, a company could face severe penalties ranging from €5,000 (Class A fine) to a staggering €500,000. These penalties are no small matter and can have significant financial and reputational implications for the company.
It’s worth noting that these penalties can be imposed on both the company and its officers, so it’s vital that everyone involved is aware of their responsibilities and takes the necessary steps to comply with the requirements. This is especially important for companies that operate in highly regulated industries or those that deal with sensitive or confidential information.
In addition to avoiding penalties, complying with the Register for Beneficial Ownership requirements can also help a company to build trust with its stakeholders, including customers, investors, and employees. It demonstrates a commitment to transparency and good governance practices, which can be a significant competitive advantage in today’s business landscape.
In summary, complying with the Register for Beneficial Ownership requirements is not only a legal obligation but also a crucial step towards ensuring transparency, accountability, and building trust with stakeholders. It’s essential to take the necessary steps to keep the information up-to-date and accurate and to avoid the significant penalties that can arise from non-compliance.
When it comes to filing the relevant particulars for the Register of Beneficial Ownership, it’s essential to get it done correctly and in a timely manner. While it’s possible to file online and without any fees, failure to comply with this regulation can result in serious consequences.
To help you navigate this process and ensure that you’re meeting all aspects of compliance required by the Directive, our professional team is available to assist you. We offer a package for updating your Register of Beneficial Owners at an affordable price of €150.00, taking the burden off your shoulders.
If you have any questions or concerns related to compliance with this statutory requirement, don’t hesitate to reach out to us. Our team of experienced professionals is here to provide you with the support and guidance you need to ensure that you’re meeting all necessary obligations. We understand that staying on top of regulations can be overwhelming, but we’re here to make it as simple and stress-free as possible.
€150.00
