All legal entities in Estonia are required to submit information about their ‘beneficial owners’ to the Estonian Commercial Register. This requirement originates from the Money Laundering and Terrorist Financing Prevention Act. This is common for all legal entities across the European Union, not just in Estonia. As you are the sole shareholder of your company, you are also the “beneficial owner”. This new requirement is a formality for you. The distinction between a “shareholder” and a “beneficial owner” is more relevant in case of bigger companies with more complex ownership structures. The required data about the beneficial owner(s) of your company has to be submitted by you as the management board member of the company. You can read more about the legal definition of a beneficial owner here.
What you need to do
Unfortunately, Xolo cannot submit this data on your behalf; which is why we put together these simple steps for you to enter the beneficial owner information. You can follow these below:
Sign-in using your digital ID (PIN 1)
On the opening page, look for the section 'Related traders’
Find the name of your company and click the link - 'Beneficial owners not appointed'
Find your name in section 'Persons related to the entity' below and click 'Add'
Review the pre-filled data, correct it if needed, and click 'Add'
- Please note - since you use your e-resident ID code here, the country of personal identification code is Estonia, whereas the place of residence is the country you are currently located in.
That’s all. There’s no state fee charged.
If you get stuck, or have any questions, please do let us know at email@example.com .
After adding the person(s), the data will be automatically reflected in the Register. This will be accessible to the public authorities (e.g. Financial Intelligence Unit), and to those with a legitimate interest.