The Central Register of Ultimate Beneficial Owners

will start out on 13th October. Existing companies will have six months to disclose information about actual beneficiaries, i.e. natural persons exercising direct or indirect control over a particular entity.

The companies that will have to register are: unlimited partnerships, limited partnerships, limited joint-stock partnerships, joint-stock companies other than public partnerships, and (from March next year) – simple joint-stock partnerships. The register will be public.

Failure to comply with the obligation to indicate the actual beneficiaries will result in a fine of up to 1 million PLN.