Press release

8 Feb 2021 Skopje, MK

Macedonian UBO Register established as of 27 January 2021

EY N.Macedonia Law team shares the Macedonian UBO Register established as of 27 January 2021

Press contact
Svetlin Adrianov

EY Bulgaria, N. Macedonia, Albania and Kosovo Associate Partner, Law Leader

Law Leader. Competition & Antitrust specialist. Keen photographer and devoted audiophile.

EY N.Macedonia Law team shares the Macedonian UBO Register established as of 27 January 2021

Striving to harmonize with EU fourth Anti-Money Laundering (AML) Directive, North Macedonia adopted new Law on prevention of money laundering and financing terrorism on the 29th of June 2018 (published in the Official Gazette of North Macedonia No.120/2018).  This law is introducing basic principles, measures and activities in fighting against these financial crimes, amongst which is establishing ultimate Beneficial Owner Register (UBO Register) within the Macedonian Central Register, specifically regulated with a Rulebook adopted on the 8th of October 2018. In accordance with the Rulebook, North Macedonia now has approached the final stage by setting the electronic platform within the Macedonian Central Register and launched the UBO Register on the 27th of January 2021.

The main purpose of the UBO Register is to establish transparency over the ownership of trade companies in North Macedonia by imposing an obligation to disclose information on the UBO and record with the UBO Register via electronic platform maintained by the Macedonian Central Register. The obligation applies to:

Trade companies registered in North Macedonia,

Subsidiaries of trade companies, and

Branch offices of foreign trade companies.

The deadline to comply with this obligation is:

3 months as of the day of establishment of the Register for all already registered legal entities at the Macedonian Central Register, and

8 days from the date of registration of new legal entity or change in ownership structure respectively.

Completing this obligation within the legal terms is free of charge otherwise charges apply according the Tariff and depending on the days overdue and the size of the entity, varying from EUR 35 to EUR 2.600.

Furthermore, monetary fines ranging from EUR 5.000 to EUR 10.000 in Denar counter value applies for the legal entity as well for the legal representative of the entity at 30% of the monetary fine for non-compliance with the UBO disclosure requirement.

EY can provide you full support to comply with the UBO disclosure requirement and to complete the procedure for identification and registration of the UBO with the UBO Register.

For any further inquiry please contact:

Ana Pavlovska, North Macedonia, Senior Consultant, Law

ana.pavlovska@mk.ey.com

Jana Nikodinovska, North Macedonia Manager, Law

Jana.Nikodinovska@mk.ey.com  

Svetlin Adrianov

EY Bulgaria, N. Macedonia, Albania and Kosovo Associate Partner, Law Leader

Svetln.Adrianov@bg.ey.com

Ernst & Young Services DOOEL Skopje

bul. 8-mi Septemvri, no. 18, Building 3, 4th floor, Skopje 1000, North Macedonia

Office: +389 2 311 33 10 | Fax: +389 2 311 34 38 |

www.ey.com