In August last year, the new Transparency Register and Financial Information Act came into force. As a result of the amendment, it will be necessary to enter more comprehensive data on beneficial owners. You can find out who is affected and when in this article.
When is registration necessary?
Registration is mandatory for all companies. In the future, information on beneficial owners must be entered here, regardless of whether this information is already in other public registers.
Who is considered the “beneficial owner”?
Actual beneficial owner: 25% or more of the chapter and/or voting rights
Fictitious beneficial owner: legal representatives, managing partners and associates
How to register an account to enter a “beneficial owner”!
- Follow the link, click on “register now” and create an account by entering your e-mail and a password
- Now you should have received an e-mail with a link to continue your registration (Attention! This is valid only 24h)
- Log in again with your e-mail/password and now a page with “Enter beneficiaries” should appear.
- Now click on the blue button with “Call advanced registration” and select “Enter beneficial owner“.
- Click more and select “for the company“.
- In the next step you will be asked to enter the address and contact person of the company.
- Afterwards you will be asked for the billing data, because there is an annual fee in the single-digit euro range
- Now you will receive an overview of the entered data and you can save it and receive a confirmation of your extended registration.
This is how you register your company and a “beneficial owner” easily in a few minutes!
- You have registered. Now you enter the beneficial owner and your company
- To do this, go to “My actions” and click on “Create legal entity subject to transparency/ enter beneficial owners“.
- Click on “Createnew legal entity subject to transparency “.
- The first question is “Type of registration”, usually the first point applies to you.
- Next point: Register assignment. Here you select trade, partnership, cooperative register (now click on next)
- Now you have to enter your company data and in the next step you have to submit a company confirmation
- Now you need to specify the address of your company
- Click now on save and you will receive a confirmation of your entry
- In order to enter all the business owners of your company, you have to go back to the overview and click on the “+” next to the entry.
- Now a new order is created. Make sure that “Enter beneficial owner” is entered under “Type of notification” and click on continue and here you will be asked again to confirm your data
- In the next step you will be asked for the period of validity for the beneficial owner
- In the next step you will be asked for the details of the person you want to register
- Then click on “take over beneficial owner
- If necessary, you can now enter additional beneficial owners
- If you now click on “continue”, an overview of all the information you have entered will appear
- Finally, you have to confirm the entries by selecting everything and clicking on “Place order” (Attention: Entries can neither be changed nor deleted!).