Starting October 1, 2024, companies in Norway can register their beneficial owners in the newly established Brønnøysund registry. By July 31, 2025, this will become mandatory, ensuring transparency and supporting the fight against financial crime by providing clearer insight into who truly owns and controls companies.
What is an Ultimate Beneficial Owner?
A beneficial owner is a person who ultimately owns, controls, or benefits from a company or other legal entity, even if the entity is formally registered under another name. Beneficial ownership refers to the natural person(s) who have significant control over a company, such as through owning a substantial portion of shares or voting rights, or having the power to appoint or remove the majority of the company’s board of directors.
The criteria for identifying a beneficial owner often include:
- Ownership of 25% or more of a company’s shares.
- Control of more than 25% of the voting rights.
- The ability to exert significant influence or control over the company’s decisions or activities.
In some regulatory frameworks, if no individual meets these criteria, the beneficial owner can also be the person who exercises control over the management of the entity.
This concept is important for regulatory purposes, including anti-money laundering (AML) and combating the financing of terrorism efforts. Governments and regulatory bodies require companies to disclose their beneficial owners to ensure transparency and to prevent the use of legal entities for illicit activities.
A Proven Solution with Experience
Our system has been prepared for these changes long before they were implemented. For years, we’ve helped companies manage their share registries electronically, including beneficial owner information. This experience ensures that our solution is not only compliant but also reliable, having been refined to meet the practical needs of businesses like yours.
Simplifying Registration and Compliance
Managing the registration of beneficial owners can seem complex, but our platform makes it simple. By registering your company’s share registry and beneficial owners in our system, you’ll have everything in one place. This centralized approach reduces the time and effort required to gather and maintain accurate information.
Key Benefits for Your Business
- Centralized Registration: Keep all beneficial owner data and share registries in one secure, easy-to-use system. This helps to track and update information efficiently.
- Automatic Uploads: Our system automatically uploads all necessary information to Brønnøysund, ensuring full compliance with the latest regulations.
- Efficiency in Reporting: In addition to beneficial owner registration, we also integrate the Annual Report (AR) statement submission, streamlining multiple processes into one platform.
Looking Ahead
The requirement to register beneficial owners is just one step in the move towards greater transparency. As digitalization continues, it’s possible that having an electronic share registry could become mandatory for all companies. By transitioning now, you’ll be ahead of potential future regulations and enjoy a more streamlined governance process.
Conclusion
With our long-standing experience and easy-to-use platform, you’ll be well-prepared for both current and future compliance needs. Let us help you simplify your company’s ownership management today, ensuring you’re ready for the evolving regulatory landscape.