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THE NEW ULTIMATE BENEFICIAL OWNER REGISTER

(RUBO)

THE NEW ULTIMATE BENEFICIAL OWNER REGISTER

Starting from January 27th, 2021, a registration of the ultimate beneficial owner (UBO) of the legal entities is required.The registration applies to all legal entities registered in the Macedonian Trade Registry. 

The registration of the beneficial owners results from harmonization of the Law on Prevention of Money Laundering and Financing of Terrorism (Official Gazette of RM no. 120/18, 275/19 and 317/20) with the EU directives 2015/849 of the European Parliament and of the Council on Preventing abuse of the financial system for money laundering and terrorism purposes from 2015. This harmonization process has brought Macedonian legislation one step closer to EU standards as a candidate country to join the European family. 

Who us the "Ultimate beneficial owner"?

UBO is a natural person (persons) who ultimately owns or controls the client and/or a natural person (persons) on whose behalf a transaction is made. The term also includes a natural person (persons) who ultimately and effectively controls a legal entity or a foreign legal arrangement. 

The obligation for data entry refers to the following:

  • existing entities have 3 months to complete the registration (i.e. until April 27th, 2021);
  • entities newly registered in the Trade Registry after January 27th, 2021 should be registered within 8 days as of the registration of the entity; and
  • entities with a change of ownership structures (8 days period for submitting notifications to the RUBO in case of any changes to the data previously disclosed in the Register of Ultimate Beneficial Owners).

UBO registration process:

  • The UBO register is maintained in an electronic form by the Central Registry
  • The application must be uploaded and submitted via the Trade Register's website
  • The application must be submitted by authorized person and to be signed with qualified electronic certificate.

Legal entities can appoint Registration Agents to make the entry the required data in the RUBO.  

Тhe necessary data that needs to be registered is listed below:

  • name of the legal entity, registered office, identification number and tax number, date of establishment and termination of the entity, and
  • beneficial owner personal name, unique identification number or other identification number, permanent and temporary residence address, date of birth, tax number, citizenship, ownership share or other form and type of ownership or control and date of entry and termination.

Penalty provisions

A fine in the amount of EUR 3,000 to EUR 10,000 shall be imposed on the legal entity for a misdemeanor if the legal entity failed to comply with the obligation to register UBO, or to report accurate data on the changes in the ownership structure; 

A fine in the amount of 30% of the assessed fine of the legal entity shall be imposed for a misdemeanor on the responsible person appointed by the legal entity.

Our team is available to assist you with an efficient management of the overall process and ensure you are fully compliant with the statutory requirements.