Reconsidering the annual submission requirement for a legal entity’s ultimate beneficial owner declaration

Under the current legislation, the ultimate beneficial owner declaration must be submitted every year, regardless of whether the beneficial owners have changed. The declaration must also be submitted if the company has ceased its operations. This requirement creates an administrative burden for businesses, particularly in cases where the company is inactive and does not have a responsible person (including a director) to actually submit the declaration.

It's proposed to simplify the procedure for submitting the ultimate beneficial owner (UBO) declaration by requiring the declaration to be updated only when the beneficial owners change.