Since July 11, 2021, legal entities in Ukraine were obliged to disclose information about the ownership structure and register it in accordance with the established procedure.
Such a requirement was due to Ukraine’s obligations under the Association Agreement with the European Union. This obligation includes, inter alia, the implementation of relevant international standards in this area.
The business faced obstacles, including a lack of time to undergo the registration procedure of the ownership structure, unreasonable requirements for the amount of information about beneficiaries established by laws, etc. The procedure is currently postponed.
Roman Ukrainets, lawyer of TEFFI Law Firm, in his article for “Lawyer&Law” Internet edition analyzed all the difficulties of the process of submitting information about beneficiaries and ownership structure and outlined the consequences of not making appropriate changes to the legislation in order to simplify the existing procedure:
The article is only available in Ukrainian