The Business Registration Services platform has now been configured to allow companies to lodge their register of beneficial owners with effect from 13 October 2020.
Introduction
Section 93A of the Companies Act, 2015 (“the Act”) requires all companies to keep and lodge with the Registrar of Companies, a register with details of their beneficial owners. The Companies (Beneficial Ownership Information) Regulations, 2020 (the “Regulations”) provides guidance on how to maintain the register of the beneficial owners. The Business Registration Services platform has now been configured to allow companies to lodge their register of beneficial owners with effect from 13 October 2020.
Obligations under the new Regulations
The Regulations define a beneficial owner as the natural person who ultimately owns or controls a legal person or arrangement or the natural person on whose behalf a transaction is conducted, and includes persons who exercise ultimate effective control over a legal person or arrangement.
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