Registering your Company in the Transparency Registry
The German Transparency Register was originally designed as an overflow register – catchall registry. The goal is to take out measures in combating money laundering. The beneficial owner of a corporation is to be disclosed here. This is all what it is about.
Previously, registration was only necessary if the beneficial owner could not be identified from other public registers. Starting August 2021, all companies must register their beneficial owner, without any exception.
Who has to make entries into the Transparency Register?
Directors of juristic persons under private law and incorporated partnerships (§ 20 I GwG), trustees and custodians (§ 21 I and II GwG) are obligated to immediately disclose their beneficial owners in the Transparency Registry unless such beneficial owners are already evident via other public registers (e.g. commercial register).
Existing GmbHs and UGs have time to update the beneficial owner until July 31, 2022. After the expiry of this transitional period, a fine of up to € 100,000 can be imposed on the management. The management is responsible under the Money Laundering Act for ensuring that the entry is made in the transparency register, and therefore the management might owe the company damages.
Can we help you update your company's in the transparency registry?
Our fees will be € 200 ex VAT – incl. any and all registration fees. When taking out our founding services, this will have been typically included.