Register of Beneficial Owners Austria : usp.gv.at

Organisation : Business Service Portal
Facility Name : Register of Beneficial Owners
Country : Austria
Website : https://www.usp.gv.at/betrieb-und-umwelt/laufender-betrieb/weitere-informationen-laufender-betrieb/register-der-wirtschaftlichen-eigentuemer.html

What is Register of Beneficial Owners?

The Register of Beneficial Owners was established on the basis of the Economic Owner Register Act (WiEReG) and contains the data on the beneficial owner owners of companies, foundations and trusts for the purposes of preventing money laundering and terrorist financing. A beneficial owner is the natural person who can ultimately be to a company, a foundation or a trust.

Related / Similar Facility : Import of Goods Austria

How To Submit Notifications?

** Persons liable to report can make reports to the register of beneficial owners via the USP themselves or thus commission a professional party representative.
** If you want to make reports yourself, you must ensure that the legal entity in question is registered in the USP.
** All newly founded legal entities required to notify must submit a notification within four weeks of entry in the respective root register (idR commercial register).
** In addition, these must also submit a report within four weeks of the annual review.
** It should be noted that in the event of a short notice of admission, a compulsory penalty proceedings are initiated by the competent tax office based on payment.
** In order to make the report as easy as possible, an automatic comparison with the central register and the company register, association register and supplementary register has been integrated into the register forms.
** For example, for persons with the main residence registered in Germany, only the first name, the surname and the date of birth must be entered in the registration form.
** In addition, the possibility of taking a professional party representative (tax consultant/tax consultant, business trustee, lawyer, notary/notary, accountant/accountant) is also open to the conclusion, review and reporting of the legal entity.

Insight:
Insight into the register is possible through the for companies that must apply due diligence to prevent money laundering and terrorist financing. In addition, certain authorities may access the register for legally defined purposes.

Reporting Obligations

The persons and corporations regi stered in the register of companies, private foundations, the associations and non-profit foundations and funds registered in the register of associations are subject to reporting as well as trust-like agreements (legal entity within the meaning of Section 1 (2) WiEReG). Registration individual companies, housing owners and agricultural communities are not subject to reporting.

Exemptions from the reporting obligation:
In order to avoid unnecessary administrative burdens, extensive exemptions from the reporting obligation have been provided for, which are always applied when the beneficial owners are entered in the respective register of the root.

For example, there are OGs, KGs and GmbH with exclusively natural persons as shareholders and associations exempt from the reporting obligation in accordance with the Association Act. It should be noted that a notification is still required if another natural person is a beneficial owner, for example due to an trust agreement.