Obligation to provide information on actual owners of commercial companies

According to the Regulation on the implementation of the new Law on Measures against Money Laundering, promulgated in State Gazette No. 3 of 08.01.2019, which introduced into the Bulgarian legislation the requirements of the European Parliament and Council Directive (EU) 2015/849 of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering and the financing of terrorism, businesses shall declare their real owners.

 

In the period from 01 February 2019 to 31 May 2019, companies and other legal entities established on the territory of the Republic of Bulgaria are obliged to provide information about the natural persons who their actual owners are, including details of the rights they hold.

 

This information shall be submitted before the Registry Agency by a declaration in a standard form, with a notary certification of the signatures, submitted by the legal representatives of the companies and the legal entities concerned.

 

The data from this register will not be public and will only serve the purposes of state bodies and persons specified in the law.

Any legal entity which fails to declare the required information in time is threatened with a pecuniary sanction from BGN 1,000 to BGN 10,000. For companies such as banks, insurers, leasing companies and others, the pecuniary sanction is from BGN 2,000 to BGN 20,000.