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The deadline for the submission of information on beneficial owners of Ukrainian companies registered before 25 November 2014 expires on 25 May 2015
Dentons, Kyiv, Ukraine,Wed, April 13, 2015
As we have already informed, on 14 October 2014 the Verkhovna Rada adopted Law of Ukraine No. 1701-VII “On Amending Some Legislative Acts of Ukraine Related toIdentification of Ultimate Beneficiaries of Legal Entities and Public Figures,” which, in particular, introduced the requirement to submit information onbeneficiaries of Ukrainian legal entities to the State registrar.
Legalentities registered before the Law of Ukraine No. 1701-VII took effect, i.e.before 25 November 2014, were granted a six-month transitional period during whichthey had to submit the above information to the State registrar. This meansthat until 25 May 2015 such Ukrainian companies must submit the followinginformation to the State registrar by means of completing and filing aregistration card:
· On the ultimate beneficialowner (controller) of a legal entity, including the information on the ultimatebeneficial owner (controller) of its founder, in case the founder is alegal entity.
· On the ownership structure offounders - legal entities, that enables to identify individuals holdingsignificant participation interest in such legal entities.
Accordingto Article 166-11 of the Code ofAdministrative Offences of Ukraine, a legalentity’s failure to submit information on the beneficial owner of the legalentity as stipulated by the Law of Ukraine “On State Registration of Legalitiesand Individual Entrepreneurs” to theState registrar entails the imposition of a fine in the amount of 300–500 untaxable minimum incomes of citizens (from UAH 5100 to UAH8500) on the director of the legal entity or the official authorized to act onbehalf of the legal entity (the executivebody).