SERVICES WE PROVIDE

Register of Beneficial Ownership

Companies in Ireland must create and maintain their own Register of Beneficial Ownership. In addition, companies are obliged to make an online filing of their Beneficial Ownership details with a Central Register operated by the Registrar of Beneficial Ownership of Companies. Both Registers must be accurate and kept up to date. As part of their money laundering due diligence, credit institutions and other financial bodies will often examine the Register of Beneficial Ownership before advancing facilities.

KomSec Limited can help companies to:

  • identify their beneficial owner(s) and advise on who needs to register their details
  • create, maintain and keep current (using an electronic platform) their own internal Register of Beneficial Ownership
  • make the required online filings on the external Central Register of Beneficial Ownership

What is a Beneficial Owner?

A beneficial owner is a natural person (not a corporate body) who has a significant level of ownership or control of a company. The most common example of a Beneficial Owner is a shareholding of 25% plus one share in a company. The definition also includes direct and indirect ownership, so companies are required to look behind any corporate shareholders and identify their ultimate Beneficial Owner(s). This may involve looking further up the corporate chain of ownership to see if a natural person has the requisite level of ownership or control in the company.

Information to be filed

The following information is to be included in the Register for each Beneficial Owner:

  • Name
  • Date of Birth
  • An Irish Personal Public Service number (KomSec can advise on the further steps required if a person does not have a PPS number)
  • Nationality
  • Residential Address
  • Statement on the nature and extent of the interest held or control exercised by each Beneficial Owner
  • Date on which the Beneficial Owner was entered into the Register as Beneficial Owner
  • Date on which the Beneficial Owner ceases to be a Beneficial Owner

 

Further details can be obtained by contacting KomSec Limited.