Real company owners to be recorded in a registry in Czech Republic

Starting from 1 January 2017, companies and trusts have to continuously record up-to-date information for verification of identity of individuals in a position as their real owners.

Czech anti money laundering Act No. 253/2008 Col. introduces effective from 1 January 2017 new administrative burden on companies and trusts. These entities have to record up-to-date information for verification of identity of individuals in a position as their real owners. The information will have to be reported to commercial register from 1 January 2018. An individual will be considered ‘real owner’, provided she/he is practically or legally able to apply decisive power in a particular entity. The data will not be publically available. Access to will be granted only to selected authorities, such as courts, tax administration, intelligence services, police, state prosecutors or authorities distributing subsidies.

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