Serbian Law on Centralised Register of Beneficial owners
The Law on Centralised Register of Beneficial owners has been adopted on 25 May
2018 and came into force on 8 June 2018 (hereinafter „the Law“). The Law
introduces the obligation for legal entities and other registered subjects in the
Republic of Serbia, apart from public joint stock companies (hereinafter
“Registered subjects”) to identify, file and record data on the beneficial owners in
the Central Register to be set up with the Serbian Registers Agency.
Definition of Beneficial Owner
1) A natural person, who, directly or indirectly, holds 25% or more shares, voting rights or other
rights, by virtue of which it participates in the management or the capital of the Registered
Subject with 25% or more shares;
2) A natural person who directly or indirectly has a predominant influence on the conduct of
business and decision-making;
3) A natural person who directly provides or secures funds to the Registered Subject and therefore
has a significant influence on the decision-making of the Registered Subject’s management
bodies when deciding on financing and business operations;
4) A natural person who is a founder, a trustee, a protector, a beneficiary – if as such determined,
and a person who has a dominant position in the trust management or in other entity of foreign
law;
5) A natural person registered to represent cooperatives, associations, foundations, endowments
and institutions if the authorised person for representation has not registered another natural
person as the Beneficial Owner.
If it is not possible to determine/identify a natural person as the Beneficial Owner, the Beneficial
Owner of the Registered Subject is the natural person registered for representation, or the
person who is registered as a member of that body.
For the full article please Download: 