Data of Estonian companies shareholders will be open in September
Publishedо 14 August, 2018
Most of the companies, registered in Estonia, will have to transmit data on their beneficiaries to the public commercial register after September 1, 2018. The maximum possible delay is 60 days.
This legislation was developed and approved to implement the latest directives of the European Union to counteract money laundering. Individuals holding more than 25% of the company's shares, directly or indirectly, will be considered as valid beneficiaries. If it is not possible to identify the beneficiary within the prescribed period, one of the representatives of the company's management Board must be declared. Firms will also have to keep all documents related to the shareholder identification procedure.
Companies listed on stock exchanges, housing, construction associations and some specialized funds will not be subject to this order.
Source: baltic-course.com
This legislation was developed and approved to implement the latest directives of the European Union to counteract money laundering. Individuals holding more than 25% of the company's shares, directly or indirectly, will be considered as valid beneficiaries. If it is not possible to identify the beneficiary within the prescribed period, one of the representatives of the company's management Board must be declared. Firms will also have to keep all documents related to the shareholder identification procedure.
Companies listed on stock exchanges, housing, construction associations and some specialized funds will not be subject to this order.
Source: baltic-course.com
