Izba Gospodarcza

Beneficial Owner Register

Registering your UBO

Don’t overlook registering your UBO
The new Polish Ultimate Beneficial Owner Register

The ultimate beneficial owner (UBO) registration is required from 13 October 2019. However, due to COVID-19 outbreak, for the existing entities (in case of their first UBO registration), the deadline to complete the registration has been further postponed until 13 July 2020.

The registration is applicable to all Polish partnerships and companies registered in the Polish National Court Register (except from professional partnerships and listed joint-stock companies).

Failure to comply with the obligation to register UBO may result in penalty up to PLN 1 mln. Reporting untrue data to the UBO Registry will additionally be associated with penal liability of representatives of the applicant entity.

Representatives of Polish partnerships and companies are also liable for damage caused by failure to report within the statutory deadline relevant data or changes in the UBO Register and for reporting untrue data.

More information attached.