Ultimate Beneficiary Owner Register – new obligation for companies in Poland | News Flash

The Ultimate Beneficiary Owner Register (or “UBO Register”, in short) has been launched in Poland on October 13, 2019. The new register obliges all Polish partnerships and companies registered in the Polish National Court Register to provide information about their ultimate beneficial owners.

Entities entered into the National Court Register before October 13, 2019 are obliged to register their beneficial owner till April 13, 2020 at latest. The entities registered after the date of October 13, 2019 are obliged to submit the information on beneficial owners to the UBO Register within 7 days from the date of registration of the company in the National Court Register.

An application must be signed with qualified e-signature or a signature, confirmed by the trusted profile e-PUAP by the authorized person to represent the entity, and submitted only through the official website of the Ministry of Finance.

Penalty

Companies which have not fulfilled their obligation to submit the required information to the UBO Register within the deadlines specified above, may be fined up to PLN 1,000,000,000.

Accace Assistance

Our experts can provide support in such a crucial matter as identification of ultimate beneficial owner along with obtaining the e-signature or e-PUAP. If you need more detailed information, please contact our Legal Department.