Records of real owners of legal entities
The amendment to the law against money laundering and the law of public registers has implemented the obligation of legal entities and administrators of trust funds to keep (and regularly update) data about the real owner.
For these purposes, the register should be implemented by 1.1.2018 in which the newly established entities will regularly enter the relevant data. Trust funds that already exist have to do so until 30.6.2018 and legal persons that already exist and are registered in the business register, must do so by 31.12.2018. Unregistered legal entities are subject to a deadline of 31.12.2020.
Legal persons are subject to the following evidence: the name and address of the real owner, his or her birthdate (or birth number), nationality and facts of the position of the real owner.
The actual owner is the real owner or a legal person who has the possibility to execute decisive influence for that legal person.
The law introduces a rebuttable presumption that such a person is the one who (or together with the persons acting in concert) owns more than 25% of the voting rights or has a share in the registered capital of more than 25% (or the person in question controls) beneficiary of at least 25% of the profits of the legal entity.
If there is no real owner or it is not possible to determine that person in accordance with the mentioned characteristics, then the owner is a member of the statutory authority.
The data included in the register is not entered in the statement and the register will not be made public. Access to the evidence will only be possible to a limited group of subjects (for example courts, bodies involved in criminal proceedings, tax administrator, provider of public financial support according to the law of financial control, Financial analytical office or the Czech National Bank).
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