Today, 23 June 2020, the Upper House adopted the implementing act for the UBO register. We currently expect that the act will enter into force in September. From then on, newly established entities will be obliged to submit information about their ultimate beneficial owners (UBOs) to the trade register. Existing entities must register their UBOs within 18 months from the date of entry into force of the new legislation.
Please read more on this subject in our newsletter.