05/01/2023
New rules for informing about the beneficial owners
Law No. 2571 "On Amendments to Certain Laws of Ukraine on Improving the Regulation of Ultimate Beneficial Ownership and Ownership Structure of Legal Entities" came into force on the 29th of December.
In particular, the provisions of the Law provide for a number of changes:
- Cancellation of the annual submission of the information about beneficiaries, instead, it is necessary to update the information about them in the Unified State Register (in Ukrainian – EDR) in case of changes.
- Electronic form of notification of beneficiaries.
- The possibility to provide the beneficiary related copies of documents without the notarization - with the help of the head's qualified electronic signature (in Ukrainian – KEP).
- Fines for failure to provide the information about the beneficiaries, including at the request of another legal entity.
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Since 2006 SCHNEIDER GROUP has been supporting international companies expanding to Ukraine. Our portfolio includes a full scope of services: from market analysis and partner search to complete accounting outsourcing, legal and tax consulting, and interim management services. We take over all non-core business functions so that our clients can focus on developing their business. We help our clients establishing subsidiaries in Ukraine compliant with local legislative requirements and transparent for international management. Our experts offer advice on best practices to optimise processes, reduce risks and minimise costs.
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