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Submission of information about beneficiaries

Submission of information about beneficiaries

LEGAL DIGEST, NEWS \ 07.03.2022

We remind you of the need for foreign companies and foreign structures to submit information about their founders and beneficiaries to the tax authorities.

Starting from January 1, 2022, a law has entered into force obliging foreign organizations (with the exception of companies registered with tax authorities and providing only electronic services) and foreign structures without forming a legal entity to submit information about their founders, beneficiaries and managers (participants) to the tax authorities at the place of registration.

If a foreign organization (foreign structure) is registered with different inspectorates, then information about the founders is sent to the tax authority that the organization (structure) has chosen. It is necessary to report on the participants:

  • with direct participation in a foreign organization (structure) regardless of the amount of the share of such participation;
  • with indirect participation, if the share of such participation exceeds 5%.

Information has to be formed as of December 31 of the year preceding the year of submission of information. The deadline for submitting information is not later than March 28 of each year.

This means that for the first time it was necessary for foreign legal entities (structures) to report on their beneficiaries not later than March 28, 2022 as of December 31, 2021.

Apart from this, legal entities are required to keep accounts of their beneficial owners and be ready to provide supporting documents to the Federal Financial Monitoring Service (Russian acronym – Rosfinmonitoring) or tax authorities within 5 days from the moment of receiving the relevant request.

Illegal failure to submit or late submission of information about the founders of a foreign company (structure) will entail a fine of 50,000 rubles.

For registration and documentation of participants of foreign companies and foreign structures, please contact Acsour specialists.