The topic of ultimate beneficial owners surfaces almost every year, if not more often. The year 2022 was no exception, despite the recent events taking place in the country.
On September 29, 2022, the Law of Ukraine dated September 6, 2022 No. 2571-IX was promulgated, which should enter into force in 3 months and which again changes the current provisions regarding the final beneficial owners (BPOs) of legal entities.
This law introduces a number of changes, including:
on the one hand, the procedure for submitting information about the CBV is partially simplified regarding the possibility of submitting information in electronic form, and the possibility of submitting a copy of the passport of a non-resident beneficiary certified by an electronic signature has also been introduced;
on the other hand, the control over the transparency of the ownership structure is strengthened and the obligation of legal entities to keep information about the KBV up to date is established, and in case of any changes, to notify them within 30 days.
Other normative legal acts regarding ultimate beneficial ownership and the ownership structure of legal entities have also undergone changes. Although Law No. 2571-IX has already been promulgated, there is still some time before it takes effect to thoroughly research the new rules and prepare for their implementation.
The lawyers of Dynasty Law & Investment will help you understand the nuances of the latest changes to the legislation regarding the ultimate beneficial ownership and the ownership structure of legal entities and avoid any sanctions
Oleksandr Bragin, attorney at Dynasty Law & Investment