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Ultimate beneficial owners (UBO) disclosure: ready or not?

Ultimate beneficial owners (UBO) disclosure:

The new mandatory ultimate beneficial owners (UBO) disclosure procedures are expected to commence any moment now. Given the short deadline to ensure compliance with the legal requirements, it is time for you to plan your next steps forward.

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UBO

Each entity would need to consider whether it is subject to any of the newly introduced requirements or not:

  • To disclose its UBO and the entities that directly or indirectly control it, and 
  • To appoint and register a contact person permanently residing in Bulgaria. 

In view of the complexity of the new regulations, the Legal team of KPMG in Bulgaria would be happy to support you in completing the disclosure procedure by:

  • Assessing whether your entity is legally obliged to perform the disclosure procedures
  • Providing advice about the proper identification of the UBO and the entities having direct or indirect control over your company 
  • Assisting in the procedure for disclosure of the UBO and/or registration of a contact person at the Bulgarian Commercial Register/BULSTAT Register, including preparation and submission of relevant documents. 

As part of KPMG's Global Legal Services Network, our team can also navigate you through the UBO registration requirements in various EU Member States and Switzerland and assist you in making the necessary filings to the competent authorities there. You can find more information in KPMG's recent publication Ultimate Beneficial Owner disclosure requirements within the EU.

If you have any questions about the UBO disclosure or need legal assistance on any of the topics in this regard, please reach out to KPMG's Legal Advisory Team.

 

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