The Agency for Business Registers (ABR) has improved the service “eRegistration of Business Entity Incorporation”, which enables the submission of an electronic registration application for the establishment of a business company and the registration of data on the beneficial owner simultaneously.

Founders of business entities are now given the option to record the data on the beneficial owner as of October 1, 2023, during the electronic process of incorporating a company, if they wish. If the founder does not take advantage of this opportunity, the legal representative of the company has the obligation to record the data in the Central Register of Beneficial Owners within 15 days from the date of the company’s registration in the Agency for Business Registers.

The legal representative is responsible for recording data within the prescribed period, for the accuracy of the data he recorded, as well as for keeping appropriate, accurate and up-to-date data and documents on the basis of which he recorded about the real owner. In addition, the law prescribes fines if the company does not record information about the real owner, between 500,000 and 2,000,000 dinars, and a prison sentence of three months to five years for registered subjects who intentionally conceal the real owners, do not register the real owners in the Central records, reporting false information, change or delete correct information about the real owner.