Register of activities for companies or trusts

On October 31, a new register will enter into force for entities providing services to companies or trusts. It is the result of the amendment to the Act on Counteracting Money Laundering and Terrorism Financing and some other acts (AML).

Who is obliged to register?

Activities for companies or trusts is a business activity involving the provision of services such as:

• creating a legal person or an organizational unit without legal personality;
• performing the function of a management board member or enabling another person to perform this function or a similar function in a legal person or an organizational unit without legal personality;
• providing a registered office, business address or correspondence address, and other related services to a legal person or an organizational unit without legal personality;
• acting or enabling another person to act as a trustee of a trust that was created through a legal action;
• acting or allowing another person to act as a person exercising rights resulting from stocks or shares for an entity other than a listed company that is subject to disclosure requirements under European Union law or subject to equivalent international standards.

The newly introduced register leads to the treatment of the above-mentioned catalog of activities as regulated activities. Therefore, in order to start conduting them, it will be necessary to obtain an entry into the new register. This rule does not apply to attorneys-at-law, lawyers and law companies.

Particular attention should be paid by the companies which, within a capital group, provide a registration address or sublet space to other related entities. They will also be required to register.

The application for registration will be submitted only in electronic form via the ePUAP platform, on forms that will be shared by the Ministry of Finance. The register will have its own website.

Entities that currently conduct activities included in the above-mentioned catalog should receive an entry in the register by April 30, 2022, whereas those that plan to start such activity from October 31, 2021 or later should obtain such entry in the register before actually commencing this type of activity.

Pursuant to the new regulations, entities operating for the benefit of companies or trusts that perform these activities without being entered in the relevant register shall be subject to a financial penalty of up to PLN 100,000.00.

Would you like to find out more? Contact our experts:
Aldona Leszczyńska-Mikulska i Tomasz Krzywański