News / 01.09.2020

Beneficial Ownership register (September 2020 update)

Author(s) Peter L. Brechan

A Norwegian Ultimate Beneficial Owners registry is likely to come into force by yearend 2020.

A UBO Registry Act was enacted on 1 March 2019 but have been awaiting solution of technical issues and corresponding regulations. A draft regulation is now out on hearing until 1 October 2020. The threshold for filing is direct or indirect ownership/control of more than 25%.

All companies must file, even if there are no UBOs or UBOs cannot be identified. In such case filed information shall relate to the CEO and directors. For Norwegian branches of EEA-companies it is sufficient to file name and internet address of the home state UBO registry. Companies listed in an EEA-country or similar regulated markets and its subsidiaries shall file name and internet address of the relevant regulated market where ownership information is available.

Norwegian companies (including foreign-owned subsidiaries) must have on file information (not necessary the actual documents) relevant for confirming why an individual is a UBO. This also covers actual ownership percentages and voting rights, and information related to any intervening company. A filing company must store UBO information for 10 years following any liquidation or deregistration.

Everyone has an obligation to supply relevant information to the filing company. A filing company is under an obligation to notify its UBOs of any filed information.

The information proposed to be filed for UBOs are:

Name

Norwegian personal identification number or date of birth (if no PIN)

Country of residence

Citizenship

Name and organisation number or address of any intervening company

Percentage of direct or indirect ownership/control

If you have any questions related to UBO, please contact: