European UBO register

Hans Hoffmann

Active Member
Hey guys, this news are quite old but still I wanted to share this piece of information with you, since its very important and everyone who is doing offshore business should know this:

"In addition to the automatic exchange of information (AEOI) regime, the ultimate beneficial owner (UBO) register is intended to provide further transparency. Beneficial owners of entities (including, for example, trusts and foundations) domiciled in the EU are already required to be documented in a UBO register (that is publicly accessible in some countries). Additional countries are also planning to implement such UBO registers."

Basically this means that if you do banking in europe any bank in europe will know that your UBO of the company. This program is being implemented and you can find more info by googling.
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
Basically this means that if you do banking in europe any bank in europe will know that your UBO of the company. This program is being implemented and you can find more info by googling.
This has not changed, it has always been that the bank knew the UBO = ultimate Beneficial owner of the company! The news may be that because of reporting this is even more shitty than it ever has been.
 

Hans Hoffmann

Active Member
The news are that if you will open a bank account for company x for example in Latvia and you have another company y on your name somewhere in poland, polish and latvian bank will know that both x and y companies belong to you solely. Before you could do business between your companies now they will know that your rolling money between your own accounts. And thats just one example. This will create alot of problems.
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
Before you could do business between your companies now they will know that your rolling money between your own accounts. And thats just one example. This will create alot of problems.
ahhh got it, good point. But what is more bad that the bank knows it or that your local tax office know it?
 

Hans Hoffmann

Active Member
ahhh got it, good point. But what is more bad that the bank knows it or that your local tax office know it?
Ofcourse tax ofice, banks dont tend to create additional problems, they just close the account and say bye, but tax office might request info about your companies and thats when real problems start.
 

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