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Register of Beneficial Owners in Malta

Katia Farrugia , Corporate & Banking Supervisor |

16 October 2020

In 2018, a set of Maltese Regulations came into force and implemented provisions relating to beneficial ownership information and the central register set up by all EU Member States. The Maltese Registrar of Companies has set up a central Register of Beneficial Owners (BOR) and every entity in Malta is now obliged to disclose details on the ultimate beneficial owner/s (natural persons). A beneficial owner is defined as the individual(s) who ultimately own(s) or control(s) a legal entity or arrangement through direct or indirect ownership of 25% plus one or more of the shares or voting rights or ownership interest in that entity.

 

Following the entry into force of Legal Notice 247 of 2020, a company shall also upon each anniversary of its registration date file a return to show any change in the details on beneficial owners and deliver such to the registrar within forty-two days of its annual registration date.

 

BDO is here to help! 

 

We may assist by:

  • advising on the requirements introduced by the new regulations and laws;
  • assessing and identifying the beneficial owner(s)/ controlling person(s)/ senior managing official(s);
  • building and maintaining a structure outline in accordance to up to date due diligence documents;
  • compiling declarations signed by the relevant involved parties;
  • preparing and submitting the necessary returns with the Malta Business Registry;
  • ensuring that the entities are up to date with their annual Beneficial Ownership information and with the necessary beneficial ownership forms resulting from a change in the shareholding of the company;
  • maintaining an internal Beneficial Ownership Register.

 

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