Starting from this October, legal entities may register data regarding ultimate beneficial owners (UBOs) during the process of registration a business entity at Serbian Business Registers Agency (SBRA).

Considering that the registration of UBOs in the Republic of Serbia requires an electronic signature issued by authorized entities, this new option is available only if the company’s legal representative already holds valid electronic signature prior to starting the process of establishing a company. Therefore, it is important to point out that this newly introduced rule is not mandatory since the companies still can opt to register the data on UBOs in the Central Register of Beneficiary Owners within 15 days upon company’s registration.

The Law on Central Registry of ultimate beneficial owners prescribes not only monetary fines but the prison sentence as well, for those legal representatives who intentionally hide the beneficial owner; fail to register UBOs in the Central Register, submit false information, or change or delete accurate information on UBO.