Beneficial Ownership Reporting Obligations Goes Live

As part of EU-wide efforts to enhance corporate transparency, the Maltese Registrar of Companies has established a beneficial ownership register, which contains information on the ultimate beneficial owners of Maltese-based companies.

The Companies Act (Register of Beneficial Owners) Regulations, which have been put in place to support this initiative, requires many companies to:

notify the Registrar of their UBO’s and subsequent changes in their UBOs; and

submit annual confirmations

Even being one day overdue can lead to a hefty fine, which is due on both the company and its officers. In addition, further penalties are levied for each day where your submission is late and continued non-compliance can lead to your company being struck off.

For further info or assistance, please contact ARQ’s compliance experts on [email protected]