EU: Any way to have no UBO or avoid its publication?

[clemens]

Nominees may indeed work well, make sure you have control of everything if you give any nominee the key to your business!

 

[EliasIT]

If you appoint the nominees from a trusted law firm or accounting firm you may be 90% safe, if you don't share any access to bank accounts etc. you may be 100% safe.

 

[GPT]

Nominees may indeed work well, make sure you have control of everything if you give any nominee the key to your business!

Sorry to burst your bubble...

The nominee ultimately has control. Say you having viewing rights.. the nominee director can cancel those at any point in time for you.
Say you have a nominee shareholder with a bare trust deed. What are you going to do when they dont keep their word?

In both cases all you have is going legal.

 

[clemens]

I don't give him access to anything at all, you can take the discussion inside mentor group and I will tell you what I have done. It's very simple trick to avoid the nominees to do any nasty stuff.

 

[dirtyharry]

I don't give him access to anything at all, you can take the discussion inside mentor group and I will tell you what I have done. It's very simple trick to avoid the nominees to do any nasty stuff.

Will you reply here please, I opened an thread inside mentor group. Thanks!

 

[clemens]

Will you reply here please, I opened an thread inside mentor group. Thanks!

yes, will do

 

[brianK]

Will you reply here please, I opened an thread inside mentor group. Thanks!

Thank you for enlightening us with your setup. For most people it may be better to find a solution that is provided by professionals.

 

[PinkCat]

Correct me if I'm wrong but I think Bulgaria doesn't have an online registry that lists the UBO?
So US corp > owns BG company you declare yourself as UBO in Bulgaria, but shouldn't be listed anywhere. Government will know though.
I think there is criminal penalty if you fail to register UBO in BG.

 

[Don]

Correct me if I'm wrong but I think Bulgaria doesn't have an online registry that lists the UBO?
So US corp > owns BG company you declare yourself as UBO in Bulgaria, but shouldn't be listed anywhere. Government will know though.
I think there is criminal penalty if you fail to register UBO in BG.

Bulgaria does not maintain a separate UBO register, however has it integrated the UBO data in its trade register. When searching the register, which is free, can be done without account but is in Bulgarian only, an extra menu option shows the ‘Действителни собственици’ or ‘Actual owner’.

Whats often overlooked is opportunity to operate as a branch office of a foreign company.
Branches normally do not disclose UBO-s.

Funnily enough some jurisdictions allow operating as a branch office even when the parent entity is liquidated.

 

[Rexstone]

Though, the UBO registrar may be introduced from 2025

what is your source? I live in switzerland and i was not aware of this, not even able to find the information anywhere

 

[mraleph]

what is your source? I live in switzerland and i was not aware of this, not even able to find the information anywhere

It was a typo regarding the year - 2026 is now discussed - but wouldn't be suprised to be enacted anyway in 2025 due to close timeframe for 2027 FATF evaluation

Bundesrat verabschiedet Botschaft zur Stärkung der Geldwäscherei-Bekämpfung

Aktuelle Informationen aus der Verwaltung. Alle Medienmitteilungen der Bundesverwaltung, der Departemente und Ämter.

www.admin.ch

Proposed introduction of a Federal Register of Beneficial Owners

The Swiss Federal Council has adopted a bill proposing significant amendments to Switzerland's anti-money laundering (AML) framework for submission to Parliament. A key feature of this reform is the introduction of a new federal "transparency register", in which companies will be required to...

www.lenzstaehelin.com

 

[GPT]

what is your source? I live in switzerland and i was not aware of this, not even able to find the information anywhere

Its being discussed for several years already.

https://www.step.org/industry-news/...ns-work-central-register-beneficial-ownership
This is a nice start. At the bottom of the article there are some more links.

 

[GPT]

It was a typo regarding the year - 2026 is now discussed - but wouldn't be suprised to be enacted anyway in 2025 due to close timeframe for 2027 FATF evaluation

Bundesrat verabschiedet Botschaft zur Stärkung der Geldwäscherei-Bekämpfung

Aktuelle Informationen aus der Verwaltung. Alle Medienmitteilungen der Bundesverwaltung, der Departemente und Ämter.

www.admin.ch

Proposed introduction of a Federal Register of Beneficial Owners

The Swiss Federal Council has adopted a bill proposing significant amendments to Switzerland's anti-money laundering (AML) framework for submission to Parliament. A key feature of this reform is the introduction of a new federal "transparency register", in which companies will be required to...

www.lenzstaehelin.com

Initially I remember they planned on implementing in 2023. In sofar I am aware 2025 is on the table. At the same time, I wouldnt be surprised if they postpone until 2026. In the end they will implement as its part of the 5th AML directive.

Beneficial Owner Registers

Besides the EU, other countries have already introduced (public) UBO Registers.

kpmg.com