transparency register
What is the transparency register and what needs to be considered?
The transparency register is a public register in which certain information about beneficial owners of companies must be recorded. Beneficial owners are natural persons who are ultimately the owners or controllers of a company, even if they do not appear as such.
The transparency register serves to combat money laundering and terrorist financing. It aims to prevent companies and other organizations from being used for illegal activities by revealing the identities of the real owners of companies.
Registration in the transparency register is required by law for companies and other organizations in Germany. The register is kept by the Federal Office of Administration. The registration must be made within 6 months of the establishment of the company. Changes to the beneficial owners must also be reported to the register within 6 months.
The information in the transparency register is publicly accessible and can be viewed by anyone. The information reported includes the full name, date of birth, nationality, and the nature and extent of the beneficial owner's beneficial interest.
It is important to take the obligation to report in the transparency register seriously and to register in a timely manner in order to avoid fines or other sanctions. If you have any questions about registering in the transparency register, you can contact a notary or a lawyer.
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