LN 247 of 2020 – Changes to the Companies Act (Register of Beneficial Owners) Regulations, 2017
Once LN 247 of 2020 comes into force, changes will be made to the Companies Act (Register of Beneficial Owners) Regulations, 2017 (hereinafter referred to as the ‘Regulations’).
The Regulations already provide for notification to be submitted to the Registrar on the formation of every new company and in the case, there are changes in the beneficial owner of a company. Moreover, by virtue of the new amendments coming in force, a certified true copy of the official identification document for every beneficial owner will also need to be submitted to Registrar together with the respective Malta Business Registry (MBR) form.
These Regulations further oblige the company, on each annual anniversary of its registration, to submit a specific MBR Beneficial Owner Form. This form will need to include the details on the beneficial owners such as name, country of residence or official identification document number, and confirmation that no changes in details took place. Upon completion, the return is to be signed by at least one director of the company or the company secretary and submitted to the MBR for registration within forty-two days after the date of its anniversary.
It is to be noted that in the case that there are any changes in the details of the beneficial owners name, country of residence or official identification document number, a specific Beneficial Owner Form needs to be submitted with the MBR. In the case the case that there is a change in the official identification document number, then a certified true of such identification documents needs to also be submitted the BO Form.
The Registrar is being granted further powers. In fact, the Registrar may:
• Refuse to register any document of a company if the beneficial ownership information was not submitted or if he is not satisfied that the company has provided accurate and up to date information on all the beneficial owners of the company;
• Restrict new incorporations for directors involved in other Maltese registered companies that failed to submit information on beneficial owners;
• Before registering a new company or return, take such steps and require such information or documentation as he may deem necessary to ascertain the correctness of the beneficial information submitted to him.
In order to ensure accurate and current information, the Registrar has initiated physical on-site investigation in order to establish the current beneficial ownership and to verify that the beneficial ownership information submitted to him in respect of a commercial partnership is accurate and up to date.
