Services

The ultimate beneficial owner is any person who effectively controls or controls a legal person, a natural person - entrepreneur or an association of assets (collectively, as "entities" or "entity") and any natural person for the benefit of which these entities carry on their activity or business. An ultimate beneficial owner within the meaning of the legal definition is any natural person who manages the entity or the activity of the entity is performed for its benefit. The company is obliged to keep records of its ultimate beneficial owner necessary for its correct identification for third parties.

The information on the ultimate beneficial owner must be updated with each change and records of its identification must be kept for another 5 years after the end of the status of ultimate beneficial owner of a particular natural person. The purpose is for everyone to be able to identify who is the ultimate beneficial owner in a particular company, without relying solely on the data in the available registers.

The ultimate beneficial owner (hereinafter referred to as "UBO") is in the Slovak Republic defined in § 6a of Act no. 297/2008 Coll. on Protection against Money Laundering and Terrorist Financing and on Amendments to Certain Acts, as amended (hereinafter referred to as the “AML Act”). The AML Act defines UBO differently for a legal entity, a natural person entrepreneur and an association of property. UBO is thus any natural person who actually controls or controls a legal person, a natural person - entrepreneur or an association of property, and any natural person for whose benefit these entities carry out their activity or business.

In a legal entity, UBO is the natural person who:

• has a direct or indirect share or a sum of at least 25% in the voting rights in the legal person or in its registered capital, including bearer shares,
• has the right to appoint, otherwise appoint or remove a statutory body, a management body, a supervisory body or a supervisory body in a legal person or any of its members,
• controls a legal person in a manner other than that referred to in the first and second points,
• has the right to an economic benefit of at least 25% of the legal person's business or other activity;

In the case of an association of property, UBO is the natural person who:

• is the founder or founder of an association of property; if the founder or founder is a legal entity, UBO is a natural person as defined in the provisions on the legal entity,
• has the right to appoint, otherwise appoint or dismiss the statutory body, management body, supervisory body or supervisory body of the property association or their member or is a member of the body which has the right to appoint, otherwise appoint or dismiss these bodies or their member,
• is a statutory body, a managing body, a supervisory body, a supervisory body or a member of these bodies,
• is the recipient of at least 25% of the funds provided by the pool of assets, if future recipients of those funds have been identified; if the future recipients of the assets of the association of assets have not been determined, the UBO is considered to be the circle of persons who have a significant benefit from the establishment or operation of the association of assets.

If it is not possible to identify UBO person according to the above criteria, members of the top management will be considered as one. A member of the top management is considered to be a statutory body, a member of the statutory body, a procurator and a senior employee in the direct management of the statutory body. UBO is also a natural person who does not meet the above criteria, but together with another person acting in accordance with it or by a joint procedure meets at least some of the above criteria. Data in the range of name, surname, birth number and, if no date of birth, address of permanent residence or other residence, nationality and type and number of the UBO identity document have not been assigned to the registers. Data on the basis of which this natural person has the status of UBO in a legal entity are also mandatory. By law, liable persons must provide co-operation to the authorities if, according to a special law, the register does not contain data on UBO or in case of doubts about the veracity or completeness of the data entered in the register.

Law firm Hronček & Partners provides its clients with comprehensive legal services in the area of ​​identification and registration of UBO in the commercial or other relevant register. In addition to the identification of UBO, we prepare for our clients a Protocol on the identification of the end user of benefits in accordance with the provisions of the AML Act on record keeping for these purposes. We also provide clients with instructions on how to keep records. Leave this legal obligation to us and you will avoid the lengthy process of identifying the UBO and the administration associated with it. By leaving your duty to the law firm, you will have the correct identification of the UBO and thus avoid the risk of a fine being imposed by the competent authorities. Contact us about preparing a non-binding price offer.