Submission of the ownership structure of LLCs and LLCs, as well as updating data on Ultimate Beneficial Owners is a mandatory procedure for business entities, in accordance with the requirements of the current legislation of Ukraine, and it is also necessary, given that in connection with the military aggression of the Russian Federation against Ukraine, if you wish to take any actions regarding a legal entity (sale of a share, change of data in the Unified State Register, etc.), the notary and registrar will check whether the ownership structure has been submitted and whether it has been submitted correctly in accordance with the samples of the Ministry of Finance, to determine whether there are citizens on the lists of Ultimate Beneficial Owners who are subject to sanctions and who are citizens of the aggressor country.

In accordance with the Order of the Ministry of Finance of Ukraine dated 19.03.2021. No. 163 “On Approval of the Regulation on the Form and Content of the Ownership Structure” Legal Entities must submit documents to the state registrar to update information about the Ultimate Beneficial Owners in the Unified State Register.

For this action, the following documents must be submitted to the state registrar:

1. The ownership structure, which is a schematic representation of the ownership structure of a legal entity. It is submitted in the form and content approved by the order of the Ministry of Finance;
2. An extract, extract or other document from the trade, banking, court register, etc., confirming the registration of a legal entity – non-resident in the country of its location, if the founder of the legal entity is a legal entity – non-resident (foreign company). Considering that this is a foreign document, it will have to be translated and legalized;
3. A notarized copy of the document identifying the person who is the Ultimate Beneficial Owner of the legal entity – passport. It is worth noting that notarization of a passport for an individual is mandatory if the passport of a citizen of Ukraine is issued in the form of a booklet. If the passport of a citizen of Ukraine is available in the form of an ID card, then notarization is not required.

All documents are submitted by the head (director) of the legal entity, specified in the Unified State Register of Legal Entities, or by another person with a notarized power of attorney. In this case, the head (director) must have a document certifying his identity (passport).

However, a situation may arise in which the Ultimate Beneficial Owner is a citizen of another state (foreigner) who is outside Ukraine and is unable to arrive on the territory of Ukraine

In this case, you will have a problem with notarizing his passport, since in order to submit a copy of a foreigner’s passport to the state registrar, you need to notarize its copy, make a translation of it, and notarize the translator’s signature.

The nuance is that without the original passport of a foreigner, a notary cannot certify its copy and cannot notarize the translator’s signature.

In this case, there are several methods for solving this problem:

1. The foreigner must send the original of his passport by mail, from which a copy will be made, the translator will translate it and the notary will notarize the translator’s signature;
2. The foreigner must have a notarized extract (declaration) from the passport made by a notary in the country of his location and have his signature certified.

After that, the foreigner sends a copy of his passport, a notarized extract (declaration) from the passport with a certified signature to Ukraine.

Then a translation is made from these documents, the translator’s signature is notarized and submitted together with other necessary documents to the state registrar.

Attorneys and lawyers of the Lex Consulting Law Firm will help you correctly submit the ownership structure and update data on the Ultimate Beneficial Owners.