In two weeks, on July 11, 2021, the new Decree № 768/36390 will enter in force. Registered in the Ministry of Justice of Ukraine, it will force to disclose an ownership structure of legal entities.
According to the Decree, from July 11, all legal entities will have three months to submit documents to the publicly available State UBO Registry. Data about beneficiaries, ownership structure and the business itself must be updated yearly. The state registrar requires the following documents:
- Application from a legal entity (form #2 or 4)
- Ownership structure explanations
- Certificate of the registration
- Information about ultimate beneficiary owners (UBO)
Overall, new rules will bring more transparency to the market. The violation of the Decree`s terms may result in fines, complications in relations with banks, businesses, and tax authorities.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.