The Register is a central electronic register containing information on the ultimate beneficial owners of all legal entities and trusts. The beneficial owner is every physical person (persons) who is an ultimate owner or who is controlling or managing entity, including that physical person (persons) who are performing the ultimate effective control over the legal entity.
In accordance with Article 32 of Law on Prevention of Money Laundering and Terrorism Financing the following legal entities are required to register their information on beneficial owner (owners) with the Register:
- Branch offices of foreign companies
- Foundations and
- Institutions which are not founded solely by the Republic of Croatia, or by municipal or county units.
The deadlines for entering information into the Register began to run from 3 June 2019, except for associations for which the deadlines for registration starts to run from 1 July 2019. All legal entities and trustees are required to inscribe the information on their ultimate beneficial ownership in the Register by 31 December 2019.
The authorized person for entering information with the Register may without the fee enter the information:
- Throughout web application of Financial agency using business certificate; or
- In the offices of Financial agency on specially prescribed forms. The content of the form my differs for each organizational form.
A failure to inscribe correct, accurate and up to date information on beneficial ownership in the Register within the deadlines prescribed by the By-law, could result in fines ranging between HRK 5,000.00 and HRK 350,000.00 for legal entities, and fines between HRK 5,000.00 and HRK 75,000.00 for their responsible persons.