Centralised Records of Beneficial Owners shall be established by 31 December 2018
As already announced in our newsletter published on 3 June 2018, Centralised Records of Beneficial owners shall be established by 31 December 2018 and will be kept by the Business Registers Agency. Rulebook on Content of Centralised Records of Beneficial Owners for the Purpose of Recording of Ultimate Beneficial Owners of Registered Entity and Rulebook on Manner and Conditions for the Electronic Exchange of Data between the Business Registers Agency, Other State Authorities and National Bank of Serbia came into force on 15 December 2018 and set practical framework for work of this, 22nd register kept by the Business Registers Agency.
Authorised persons of legal entities incorporated by 31 December 2018 are obliged to record data in Centralised Records of Beneficial Owners no later than 31 January 2019 and these data shall be recorded electronically through the website of the Business Registers Agency.
The Law on the Centralised Records of Beneficial Owners shall apply to the following Registered Entities: (i) business entities, other than public joint stock companies; (ii) cooperatives; (iii) branches of foreign business entities; (iv) trade associations and associations other than political parties, trade unions, sports organizations and associations, churches and religious communities; (v) foundations and endowments; (vi) civic institutions and (vii) representative offices of foreign companies, associations, foundations and endowments.
Also, the Law on the Centralised Records of Beneficial Owners shall not apply to business entities and institutions in which the Republic of Serbia, autonomous province or a local self-government unit is the only member, or founder.
If you have any questions regarding the above, please contact Igor Živkovski, Partner (email@example.com), or any of your regular contacts at Živković Samardžić.