Companies operating in Germany must register by 30 June 2022
The Transparency Register was upgraded to a full register already in August 2021. As a consequence, almost all legal entities in Germany are obliged to register themselves and their beneficial owners in the Transparency Register.
Until July 2021, such legal entities were exempt from the registration obligation whose beneficial owners were derived from other public registers – in particular the Commercial Register. However, this exemption has been deleted, so that almost all companies are now obliged to register in the Transparency Register in addition to their registration in the Commercial Register.
The transitional period for this expires on 30 June 2022. Those who do not register until after that date may face fines.
The obligation applies to
- Legal entities
- Registered partnerships
- Foreign legal entities in connection with real estate business.
The information submitted to the Transparency Register must be updated on an ongoing basis as soon as changes occur, e.g. in the participation structure of the beneficial owners.
If you have not yet completed your registration and need assistance in doing so, or if you have any additional questions, please do not hesitate to contact us.
Source: Money Laundering Act