How to Specify the Beneficiary Owners of Your Company
In order to comply with the Anti-Money Laundering (AML) laws, Estonia has established that companies registered in Estonia must specify who are their beneficial owners.
This process, although a mere formality, is mandatory, and does not have any repercussions beyond complying with the AML law. However, failure to comply before the deadline can result in fines or penalties.
Here is an in-depth technical explanation, but let us explain it in simple words below:
The beneficial owners are those people who have control over important decisions of the company or own a significant percentage of it. Specifically, if you hold 25% or more of the shares, you are a director or board member, or you have a representation of 50% or more of the votes, you are a beneficial owner. If you are a customer of Your Company In Estonia, you are probably the beneficial owner of your company.
Unfortunately, only the director of the company, or a member of the board of directors, can perform this procedure.
Nevertheless, the process is quite simple and it takes less than 5 minutes. Below, we explain it step by step. All you will need is your laptop, your e-Resident card, and the USB card reader.
First, log into the Estonian business registration portal (e-Business register).
Simply click on “LOGIN” at the top right. Then choose “Access with card” (ID-KAART). Remember that you must have the card correctly inserted in the USB reader of your e-Resident pack. It will request the PIN1 of the card.
Upon logging in, navigate to "My Dashboard" and locate the "Beneficial Owners" section. Then, click on the "Change the Data" button.
In the "Beneficial Owners" section, you will find the list of current owners. To add a new owner, simply click on the "+" symbol labeled "Add a Beneficial Owner."
Fill out the form with all the necessary details of the beneficiary owner you wish to add. Once the form is complete, click on the "Save" button to save the information.
Now you just need to repeat the same process for all other members of the company. That’s all!
Please, contact our support team here if you need assistance.
This process, although a mere formality, is mandatory, and does not have any repercussions beyond complying with the AML law. However, failure to comply before the deadline can result in fines or penalties.
What is a beneficial owner?
Here is an in-depth technical explanation, but let us explain it in simple words below:
The beneficial owners are those people who have control over important decisions of the company or own a significant percentage of it. Specifically, if you hold 25% or more of the shares, you are a director or board member, or you have a representation of 50% or more of the votes, you are a beneficial owner. If you are a customer of Your Company In Estonia, you are probably the beneficial owner of your company.
Can Companio do this for me?
Unfortunately, only the director of the company, or a member of the board of directors, can perform this procedure.
Nevertheless, the process is quite simple and it takes less than 5 minutes. Below, we explain it step by step. All you will need is your laptop, your e-Resident card, and the USB card reader.
How to Specify the Beneficial Owner of Your Company, Step by Step
First, log into the Estonian business registration portal (e-Business register).
Simply click on “LOGIN” at the top right. Then choose “Access with card” (ID-KAART). Remember that you must have the card correctly inserted in the USB reader of your e-Resident pack. It will request the PIN1 of the card.
Upon logging in, navigate to "My Dashboard" and locate the "Beneficial Owners" section. Then, click on the "Change the Data" button.
In the "Beneficial Owners" section, you will find the list of current owners. To add a new owner, simply click on the "+" symbol labeled "Add a Beneficial Owner."
Fill out the form with all the necessary details of the beneficiary owner you wish to add. Once the form is complete, click on the "Save" button to save the information.
Now you just need to repeat the same process for all other members of the company. That’s all!
Please, contact our support team here if you need assistance.
Updated on: 20/07/2023
Thank you!