Sometimes the situation is unexpected: a company bank card suddenly stops working. The first thought is usually an attachment, a fine, or a temporary account freeze. But the reason may be different: the company failed to enter the beneficial owner’s data into the Commercial Register.
In this article, we explain a hidden reason for bank account freezes in Slovakia and how to avoid a fine of up to €3,310.
Why does the bank suddenly block the card?
The main mistake: beneficial owner data was not entered
This situation arises when changes have been made in the company related to its shareholders or owners. After such changes, there is an obligation to additionally enter the beneficial owner’s data into the Commercial Register.
Who is a beneficial owner?
A beneficial owner is any natural person who actually manages or controls a legal entity, a sole trader, or a property association. It also includes any natural person in whose interest these entities carry out their activities or conduct business.
When does the obligation to update the data arise?
This situation may occur if an existing company has been acquired or if changes have been made that are not necessarily related to a change of shareholder.
For example, if a company has several shareholders and the share ratio changes, this may also require the data to be updated. If one participant previously held 15% and then their share increased at the expense of others, that person may also become a beneficial owner.
For example, if a company has several shareholders and the share ratio changes, this may also require the data to be updated. If one participant previously held 15% and then their share increased at the expense of others, that person may also become a beneficial owner.
Penalty for outdated data
Failure to report up-to-date beneficial owner data may result in a fine imposed on the company director of up to €3,310.
See our video for details:
Need help?
If you need assistance with entering this data, or if you are starting to work with tenders or the public sector and need help registering in the Register of Public Sector Partners, please contact us.
We will be happy to help you with this as well!
We will be happy to help you with this as well!
📝 Fill out the registration form: https://alkur.sk/application-form-en
📞 Call or message us: +421 915 960 566 (Telegram, WhatsApp, Viber) 💡
📞 Call or message us: +421 915 960 566 (Telegram, WhatsApp, Viber) 💡