The first half of the year has passed swiftly, and so has the time within which all registered Maltese entities should have gathered and updated their records on ultimate beneficial ownership (UBO), in order to comply with new Companies Act regulations.
Part of global moves to counter fraud, anti-money laundering (AML) and anti-terrorist financing, the January regulation change means it's now mandatory for companies in Malta to know - and declare to local authorities - who they're doing business with, and who their company's ultimate beneficiary is.
If you're a bit late getting started on this, don't worry. Following is an overview of what is required. And of course, we're here to help if you need local support.
1 January to 1 July 2018
Over this period, all Maltese-registered entities should be collecting their UBO information and preparing to submit this to the Malta Registry of Companies. A dedicated UBO register has been available since the start of April, however the duly-completed declaration form should be submitted with the annual return or share transfer, whichever comes first. Alongside being submitted to the Companies Register, records of a Maltese company's beneficial owners should be kept at its registered address, or another place as defined by its incorporation documents. Where there is a change in beneficial ownership in the future, the Maltese company has 14 days within which to declare this change to the Registry of Companies.
Penalties
Registered entities that don't take action to identify and submit their UBO information by 1 July will be considered in breach of the Companies Act. They face a penalty of €1,000 and an additional €10 per day for every day they are late.
Talk to us
TMF Malta is bringing the status of our local clients into compliance with the new legislation – and we can do the same for you.
Our expert team takes on your Maltese administrative duties to help make sure your entity is in good standing, so you can continue to do business seamlessly.
Need more information? Contact us today.
Find out how we help our global clients adapt to local rules and regulations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
