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Companies and other commercial partnerships registered in Malta prior to 1st January 2018 are required, in terms of regulation 8 of the Companies Act (Register of Beneficial Owners) Regulations, 2017, to set up their own register of beneficial owners by the end of June 2018. These companies are furthermore required to submit to the Registrar of Companies the first notification / declaration on their beneficial owners as at either (i) the date of the first anniversary of the company’s registration that falls due after 30th June 2018, or, (ii) where there is a change in beneficial owners occurring after 30th June 2018 and before the date of the said anniversary, as at the date of such change.
The declaration is to be given by means of Form BO3, which should be delivered to the Registrar as follows:
either : (i) within forty two days of the aforesaid anniversary date,
or (ii) within fourteen days after the date on which a change in beneficial ownership, as aforesaid, is recorded with the company, as the case may be.
Following such first notification to the Registrar of Companies, any subsequent change in the beneficial ownership is to be given by means of Form BO2.
Penalties are contemplated for failure to comply with these obligations.
The requirements are not applicable to (i) a company which is listed on a regulated market, and (ii) a company whose registered shareholders are exclusively natural persons (not acting in a fiduciary capacity) who are disclosed in the public records at the register of commercial partnerships maintained by the Registrar of Companies.