EU: Any way to have no UBO or avoid its publication?
- Thread starter Macy
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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.
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.
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.
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’ or︀ ‘Actual owner’.
Whats often overlooked is opportunity to operate as a branch office of a︁ foreign company.
Branches normally do not disclose UBO-s.
Funnily enough some jurisdictions allow operating as︂ a branch office even when the parent entity is liquidated.
Whats often overlooked is opportunity to operate as a branch office of a︁ foreign company.
Branches normally do not disclose UBO-s.
Funnily enough some jurisdictions allow operating as︂ a branch office even when the parent entity is liquidated.
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
https://www.admin.ch/gov/de/start/dokumentation/medienmitteilungen.msg-id-101100.html
https://www.lenzstaehelin.com/news-...of-a-federal-register-of-beneficial-owners-1/
https://www.admin.ch/gov/de/start/dokumentation/medienmitteilungen.msg-id-101100.html
https://www.lenzstaehelin.com/news-...of-a-federal-register-of-beneficial-owners-1/
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.
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.
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.
https://kpmg.com/ch/en/insights/law/ubo-beneficial-owner-registers.html
https://kpmg.com/ch/en/insights/law/ubo-beneficial-owner-registers.html
Old thread, but can't you set up a structure with multiple companies owning each other? I believe that's one way to avoid the disclosure of the UBO?
That was a strategy used by sovereign until around 2010. Somewhere around that time they ended up in many legal battles regarding that setup and had to discontinue it.
Also, dont forget that they are looking for an Ultimate Beneficial Owner i.e. natural persons. If you cant provide one (which you propose with your idea) the opening of the bank account is likely not happening.
Personally I believe the only option to avoid having to disclose UBO's is when you have 4 or more shareholders which makes that︀ none of them have the ultimate control or benefits. Practically the beneficial owner part will︁ then move to the director(s) as they control the bankaccounts.
Also, dont forget that they are looking for an Ultimate Beneficial Owner i.e. natural persons. If you cant provide one (which you propose with your idea) the opening of the bank account is likely not happening.
Personally I believe the only option to avoid having to disclose UBO's is when you have 4 or more shareholders which makes that︀ none of them have the ultimate control or benefits. Practically the beneficial owner part will︁ then move to the director(s) as they control the bankaccounts.
No, the UBO is a person.
But you could try setting up a foundation (which could have "protecting English nature" as its purpose) or something, as others have mentioned.
But you could try setting up a foundation (which could have "protecting English nature" as its purpose) or something, as others have mentioned.
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