Only Few Days Left To Register Your UBO In Slovenia: Are You Exempted Or Not?

The application for registrations of beneficial owners is now operational. Deadline to register beneficial owners is 19 January 2018.

The application is available on the webpage of the Agency of the Republic of Slovenia for Public Legal Records and Related Services (AJPES). The electronical submission and registration of data can be made also through a proxy.

Slovenian corporate entities (companies and cooperative societies) and entities, whose share capital cannot be divided in shares (e.g. associations, societies, political parties, trade unions, religious groups, institutions), as well as foreign trusts, institutions or similar legal entities of foreign law (if tax liabilities arise from their business performance in the Republic of Slovenia), were obliged to identify their beneficial owners (until 19 November 2017) and are obliged to register them with AJPES until 19 January 2018.

WHO IS UBO?

The UBOs of corporate entities are natural persons:

indirectly or directly holding qualified business shares, voting or other rights, based on which they participate in the management and governance of the entity (the indicator for which is deemed to be more than 25 %); or indirectly or directly participating in the capital with sufficient shares (the indicator for which is deemed to be more than 25 %); or having control over the management of assets of the respective entity; or indirectly providing to the corporate entity funds and consequently having a possibility to control, direct or otherwise exercise significant influence on the financial and business decision-making of the management. If no natural person could be determined as the beneficial owner in accordance with the above, one or more persons who hold the position of management are deemed, for the purposes of the UBO registration, to be the beneficial owners of the company, provided that (i) all possible measures have been taken to determine the beneficial owner and (ii) there are no reasons for suspicion of money laundering or terrorist financing in connection with the transaction, the person or the assets.

UBO of an entity without business shares is deemed to be any natural person authorized to represent such entity. UBO of an institution is its founder, who has based on the foundation act controlling position with the management of assets of the institution, otherwise trustee and representative of the institution.

In case of foreign trusts, funds or foundations, the UBO is:

a natural...