On 27 September 2022, the President of Ukraine signed the Law of Ukraine On Amendments to Certain Laws of Ukraine on Improving the Regulation of Ultimate Beneficial Ownership and the Ownership Structure of Legal Entities ("Law") that will enter into force on 29 December 2022.
The Law aims at simplifying certain aspects of the disclosure process of ultimate beneficial owners (UBO) and the ownership structure of Ukrainian companies. At the same time, it increases liability for improper disclosure and introduces enhanced control and reporting mechanisms.
The Law envisages, among others, the following changes:
The requirement to disclose information on the UBO and the ownership structure does not apply during martial law.
We recommend that the management of Ukrainian companies, their participants/shareholders and UBOs consider the following actions:
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