The Law prescribes several legal grounds on which Registered Subjects should determine who are their beneficial owners. Furthermore, the Business Registers Agency has declared that beneficial owners may choose only one legal ground for the registration in the application for registration of beneficial owners. Thus, it is not possible to register multiple beneficial owners under different legal grounds within a single Registered Subject. Moreover, it is not possible to register a single beneficial owner under multiple legal grounds.
An Ultimate Beneficial Owner is:
1. A natural person who, indirectly or directly, owns 25% or more shares, stocks, voting rights or other rights based on which they participate in managing Registered Subjects, i.e. participates in a Registered Subject’s capital with 25% or more stake;
2. A natural person who indirectly or directly has a prevailing influence on business management and decision-making within a Registered Subject;
3. A natural person who indirectly made/makes available assets to a Registered Subject, thus significantly influences the decision-making of the Registered Subject’s bodies relating to the decisions on financing and business conduct.
4. A natural person who is the founder, trustee, protector, user (if designated), as well as a person with a dominant position in trust management, or in other entity of foreign law;
5. A natural person who is registered for representation of collectives, associations, foundations and institutions, if the authorized person for representation has not registered another natural person as the beneficial owner.
Exceptionally, if it is not possible to determine the ultimate beneficial owner of a Registered Subject in accordance with the grounds under 1 – 4, a Registered Subject’s beneficial owner is a natural person who is registered for representation of a Registered subject, or that is registered as a member of a Registered Subject’s body.