A presentation on Quality and Compliance in registering Beneficial Owners in Business Register as seen from the Estonian experience.

1. Quality and Compliance
in registering
Beneficial Owners in Business Register
Ingmar Vali
ingmar.vali@rik.ee
Centre of Registers and Information System
https://www.rik.ee/

2. Beneficial Owners facts
 Ministry in charge : Ministry of Finance
 Place to register BO: Business Register (Ministry of Justice)
 IT-development cost -2 months (ca 20 000 EUR)
 Mandatory since: 1.09.2018
 Deadline to submit 31.10.2018
 Self service, no intervention by registrar
 Renewal every year with annual report
 Information is public
 Fee to view BO Information – 1 EUR per entity.
§ 78. Publication of data
(1) The data of the beneficial owner are made public in the commercial register information system.
(2) The fees for issuing the data of a beneficial owner are established by a regulation of the minister responsible for the field.
(3) The data of the beneficial owner is issued free of charge to the obliged entity, a government agency, the Financial Supervision Authority and to a court.
https://www.riigiteataja.ee/en/eli/525032019005/consolide

3. On time
60%
Late
9%
Not registered
31%
Complience to register Beneficial Owners on time
Entities
On time 132 955
Late 20 080
Not registered 68 946

4. 9
18
472
1064
1612
1933
6038
35297
183460
European Economic Interest Grouping (EEIG)
European Company (SE)
General partnership
Commercial co-operative
Limited partnership
Foundation
Public limited company
Non-profit association
Private limited company
0 40000 80000 120000 160000 200000
Number of physical persons registered
Number of persons

6. Additional way to visualize data:

7. Month Payable Free Total
Aug 1 14 2033
Sept 487 397 2902
Oct 1796 1872 5686
Nov 1735 2612 6365
Dec 1087 6053 9158
Jan 1553 3604 7176
Feb 1310 3773 7102
Mar 1530 4274 7823
0
1000
2000
3000
4000
5000
6000
7000
8000
Aug Sept Oct Nov Dec Jan Feb Mar
Beneficial Owner information search statistics

8. Seeing solutions instead of problems!