Daily Archives: June 15, 2018

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Serbia has introduced Central Register of beneficial owners.

Companies should register natural persons having more than 25 % of direct/indirect ownership, having direct/indirect control in the entity, and being trustees, beneficiaries, settlor s, protectors of trust structures.

Managing directors are obliged to register beneficial owners not later than 31 January 2019.

The Central Register is yet to be established by the Serbian Business Registers Agency, and the deadline is set at 31 December 2018.

In the meantime, companies should determine its beneficial owners and maintain the documentation pursuant to which the beneficial owner is determined. The authorities and the National Bank of Serbia may request such documentation and it must be readily available.

Failure to register data, registration of incorrect data or changing or deleting of correct data on beneficial owner with the aim of concealing of the beneficial owner is a criminal offence punishable by imprisonment for a term of 3 months up to 5 years.

Also, a misdemeanour liability with monetary fines ranging from RSD 500.000 (approx. EUR 4,250) to 2.000.000 (approx. EUR 17,000) for companies (RSD 50.000 (approx. EUR 400) to RSD 150.000 (approx. EUR 1,300) for responsible person) shall be imposed for failure to register or update the data of the beneficial owners in the Central Register or failure to safekeep adequate, accurate and up-to-date documentation of the beneficial owners.