The beneficial owner is the natural person who ultimately owns or controls a legal person through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that person, including through bearer shareholdings, or through control via other means. Direct ownership is a manner of exercising control whereby a natural person holds a shareholding of 25 per cent plus one share or an ownership interest of more than 25 per cent in a company. Indirect ownership is a manner of exercising control whereby a company which is under the control of a natural person holds or multiple companies which are under the control of the same natural person hold a shareholding of 25 per cent plus one share or an ownership interest of more than 25 per cent in a company.
The data of the beneficial owner is kept in the Commercial Register by the management board of the private legal person and the data of the beneficial owner are made public in the Commercial Register information system. The data of the beneficial owner shall be submitted in the Company Registration Portal by sign in with ID card/mobile ID or through the notary.
The data must be submitted to the Commercial Register latest 31.10.2018. In case of not submitting the data, the penalty can be up to 32 000 EUR.
In order to submit the data into the Commercial Register we can provide advisory services by determining the beneficial owner, preparing the necessary documents, advise upon signing and submission of all necessary documents.
In case you need assistance or advice regarding the matter, please contact advisory unit of Leinonen advisory@leinonen.ee
