As of the close of 2018, Serbia has now established its central register of ultimate beneficial owners.
Henceforth, Serbian companies, institutions, as well as branches and representative offices established by foreign investors in Serbia are required to register their UBOs with the central register no later than 31 January 2019.
The register has established an online portal in order to facilitate quick and efficient UBO registration. While disclosure is required, actual documentary support underlying UBO disclosure is not. Nevertheless, entities are required to keep data on hand for 10 years, which is to be made available to competent authorities upon request.
Noteworthy is the fine for non-compliance, which is set at up to RSD 2,000,000 (approx. EUR 17,000). Any person shown to have intent to conceal information on a UBO, who fails to register required information, registers inaccurate information, or changes or erases truthful information on a UBO, could be held criminally liable and sanctioned by up to 5 years imprisonment.