For failure to provide information about the ultimate beneficiary – the responsibility will be borne by the head of the company

November 16, 2022 The Supreme Council of Ukraine adopted a law (No. 6321), which amended Article 166-11 of the Code of Administrative Offenses of Ukraine regarding changes in the procedure for providing the state registrar with information about the ultimate beneficiary of the owner of a legal entity.

The law provides for administrative liability of the head of a legal entity in the form of a fine, the amount of which is from 17,000 UAH. up to 51000 UAH (as of 2022) – for failure to provide or untimely provision of information (documents) on the ultimate beneficial owner of a legal entity to the state registrar.

The law comes into force no earlier than December 29, 2022, which means it will fully work in 2023.

The issues of the ultimate beneficial owner are important, so the advice of a specialist is extremely necessary and useful. We have been working for more than 10 years and advise businesses on all similar business organization issues.