Friday, 22nd November is the deadline for registering and filing details of Beneficial Ownership data of companies/entities.
What is Registered Beneficial Owner?
The RBO is a stand-alone central register holding information on persons who are relevant entities beneficial owners/controllers, including details of the beneficial interests held by them, in accordance with anti-money laundering legislation. This register will be available to the public and provide clear, transparent information on who owns and controls Irish Companies and Industrial & Provident Societies. The objective is also to deter money laundering and terrorist financing, through clear information who is the owner or in control of Irish Companies/societies.
Relevant entities are:
- companies formed and registered under the Companies Act 2014 or an existing company within the meaning of that Act, and
- industrial and provident societies registered under the Industrial and Provident Societies Acts 1893 to 2018.
Who is a Beneficial Owner?
A Beneficial Owner is a person who owns or controls a legal entity, including;
- ownership (directly or indirectly) of more than 25% of the company/society’s shares,
- controlling (directly or indirectly) more than 25% of the company/society’s voting rights,
- control via other means which is explained in Recital 13 of 4AMLD as follows:
“Control through other means may, inter alia, include the criteria of control used for the purpose of preparing consolidated financial statements, such as
- through a shareholders’ agreement,
- the exercise of dominant influence or
- the power to appoint senior management”.
Where do I file?
Filing must be done through the RBO on-line portal as no paper forms are required. Failure to comply with these requirements is a breach of statutory duties and a criminal offence which is subject to sanctions.
Any company/society who has not filed on or before the 22nd November 2019, will be deemed to be late and may be subject to sanctions. Regulation 20(2) requires all newly incorporated companies and I&P’s to register their beneficial ownership details within five months of incorporation.
Any changes to the company or societies list of beneficial owners must be notified to the RBO within 14 days of the change.
Why not read our previous blog regarding the legal and tax implications for Director’s loans here
Should you have any queries on this issue, please contact us on 01 5397999 or firstname.lastname@example.org