Beneficial Ownership Regulations Come Into Force

The Registrar of Companies has drawn the attention of company directors and company service providers to the recently issued Legal Notice regarding information on the beneficial ownership of commercial partnerships.

The Companies Act (Register of Beneficial Owners) Regulations, 2017, which came into force on 1st January 2018 are implementing the relevant provisions on beneficial ownership information of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015.

The following important changes should be noted:

• As from 1st January 2018, the documents required for the registration of a new commercial partnership (company or partnership) must include a declaration - Form BO1 – concerning information on the beneficial owners of the proposed commercial partnership as is required by the regulations (unless the commercial partnership is exempt from such requirement in terms of the same regulations).