The Malta Business Registry (“MBR”) has issued a Guidance document (“Guidance”) which presents an overview of the requirements emanating from the Companies Act (Register of Beneficial Owners) Regulations (the “Regulations”). The Guidance serves to provide further information on the contents of the Regulations while also guiding Maltese-registered companies in the application of the requirements.
The Guidance clarifies that the Register of Beneficial Owners maintained by the MBR, does not replace the obligation of commercial partnerships to also maintain their own internal beneficial ownership register at their registered office.
Every partnership is required to obtain and hold at all times adequate, accurate and up-to-date information in respect of its beneficial owners. Furthermore, any natural person who has reasonable cause to believe to be a beneficial owner of a company shall be bound to provide the information to the company without delay.
The Guidance also indicates which statutory forms partnerships are required to be submit to the MBR with regards to the beneficial ownership submissions.
The information on the beneficial owners of commercial partnerships held by the Registrar in the Register of Beneficial Owners shall, in accordance with data protection requirements, be made accessible to all competent authorities, subject persons and the general public.
Please contact us should you wish to receive further information on the submissions required by corporate entities and partnerships on behalf of their ultimate beneficial owners.