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By the end of the year, legal entities have the duty to enter their beneficiary owners in the newly established Data Register of Beneficiary Owners. The duty applies to all regular limited and joint stock companies having their owners entered in the Commercial Register and to other legal entities, for example also to trust funds. The Register is not publicly accessible and it serves for the needs of tax offices, police, the Czech National Bank, etc. The Register is expected, apart from “money laundering” prevention, to prevent conflicts of interest in the process of awarding public contracts. For entrepreneurs, the establishment of this Register represents further administrative burden. This duty was introduced based on the 4th EU AML Directive.
Legal entities entered in the Commercial Register are bound to register their beneficiary owners by 1st January 2019; other legal entities entered in other public registers, in particular associations, have to enter their beneficiary owners by 1st January 2021.
The new legislation includes no financial penalty, however, in the event of a failure to perform this duty, the court may dissolve the company and order its liquidation.
A small consolation is that motions to record filed by the end of 2018 are exempt from court fees, which shall be CZK 1000 per filing from January 2019.
If you are not registered, yet, we can assist you:
We will be happy to prepare a form for you, which can be simply sent via your data box.
Please contact us by telephone at +420 224914050, or e-mail to info@holubova.cz.
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Jasper Brinkman
Jasper Brinkman
"Following a devastating hotel fire in Prague, the law firm Holubová advokáti, led by attorney Klara Dvorakova, successfully represented our extended family as a group of victims. The firm navigated complex international insurance and compensation laws to defend our rights.
I would like to acknowledge the extraordinary efforts the firm had to make to bring our case to a successful compensation under extremely difficult circumstances."
Stewarts
Stewarts
"A visit to her daughter in London turned Eva's life upside down when she says she stepped into a crossing on a green light but was hit by a car. Despite her remarkable bravery, she faced a long treatment due to fractures in her pelvis, and the associated limitations and pain are likely to persist for the rest of her life. Regular headaches and impaired concentration compound her challenges.
Eva contacted us through an organization temporarily helping her manage her difficult living situation. At that time, she was destitute, relying only on subsistence payments. We were able to assist her because we specialize in personal injury and have contacts with proven colleagues abroad.
We worked with Stewarts, a UK law firm, on this case. Attorneys Klára Dvořáková and Rebecca Huxford helped Eva with the documentation in her case, explaining her options and the differences between the Czech and British systems of healthcare and social benefits reimbursement. Within a few months, thanks to the professional cooperation between the two offices, an offer of compensation from the insurance company of approximately CZK seven million was achieved. The client accepted this settlement because she did not want to deal with courts in the United Kingdom.
Subsequently, we assisted the client with related tax issues and contacted Auditone, a tax consultancy firm, which arranged for the filing of a tax return. Compensation for lost income is taxable, unlike most personal injury compensation.
'No one has done as much for me as you,' Eva said.
The fact that we were able to help Eva gives our work meaning and brings us great joy. We are very happy that, thanks to our many years of active involvement in the international professional organization PEOPIL, we can cooperate on such cases."