Privacy is often important to individuals and they may often not want to be seen as the registered shareholder. There a many reasons why they may require a shareholder to be held on their behalf.

The introduction of S.I. No. 560/2016 – European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 as of 15 November 2016 all corporate and legal entities must hold adequate, accurate and current information on their beneficial owner(s) in their own beneficial ownership register.

The register will have to disclose the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that entity, including through bearer shareholdings, or through control via other means, other than a company listed on a regulated market that is subject to disclosure requirements consistent with Union law or subject to equivalent international standards which ensure adequate transparency of ownership information.

A shareholding of 25 % plus one share or an ownership interest of more than 25 % in the customer held by a natural person shall be an indication of direct ownership.

This information will have to be communicated to a central register which will be maintained by the CRO.

How Can CLS Help

We can act as the registered shareholder on behalf of the beneficial shareholder. For more information please contact one of the team on 059 9186776 or info@clscs.ie

 

Please Note:

Our CLS Insights aims to bring you practical information and news on Company Law and Company Secretarial. We cover the topics that matter to your business and give practical tips and also the benefit our experiences. Please remember this article is a guide and legal advice should always be obtained. If you have any queries please contact one of the team and we would be happy to help.

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