Registering your Company in the Transparency Registry
The German Transparency Register was originally designed as an overflow register— a catchall registry. Its goal is to take measures to combat money laundering. The beneficial owner of a corporation is to be disclosed here. This is all it is about.
Previously, registration was only necessary if the beneficial owner could not be identified from other public registers. Starting August 2021, all companies must register their beneficial owner without any exceptions.
Who has to make entries into the Transparency Register?
Directors of juristic persons under private law and incorporated partnerships (§ 20 I GwG), trustees, and custodians (§ 21 I and II GwG) are obligated to immediately disclose their beneficial owners in the Transparency Registry unless such beneficial owners are already evident via other public registers (e.g. commercial register).
Existing GmbHs and UGs have until July 31, 2022, to update the beneficial owner. After the expiry of this transitional period, the management can be fined up to € 100,000. Under the Money Laundering Act, the management is responsible for ensuring that the entry is made in the transparency register, and therefore, the management might owe the company damages.