Legal Basis BORA
The Register of Beneficial Owners was established on 15 January 2018 based on the Beneficial Owners Register Act (BORA)
The Register of Beneficial Owners is an implementation of Art. 30 and 31 of Directive (EU) 2015/849 (4th Anti-Money Laundering Directive). The Beneficial Owners Register Act (BORA), Federal Law Gazette I 136/2017 implements the Register for Companies and Other Legal Persons and the Register for Trusts, which were provided for in the 4th Anti-Money Laundering Directive, in a central register. A translation of the federal act is also available under the link here. On 26 April 2018, the Federal Ministry of Finance published a comprehensive decree with respect to identifying, verifying the identity and reporting beneficial owners, which presented the legal opinion of the Finance Ministry on a wide range of questions. The decree can be found under the direct link here. A translation of the decree is also available under the link here.
The BORA took effect on 15 January 2018. This means that, as of this date, legal entities can send reports to the Register via the one-stop-shop Business Service Portal called Unternehmensserviceportal (USP). For all legal entities that are exempt from reporting pursuant to Article 6 BORA the data regarding beneficial owners was automatically imported from the Commercial Register, the Register of Associations and the Supplementary Register for Others as of the reference date of 15 January 2018.
The usage fees for inspection of the Register by obliged entities pursuant to Article 9 para. 1 BORA were established by the Regulation of the Federal Ministry of Finance establishing fees for the use of the Register of Beneficial Owners (BORA Usage Fees Regulation), Federal Law Gazette II 77/2018.