On 5 August 2022, the Department of Registrar of Companies and Intellectual Property of the Ministry of Energy, Commerce and Industry (the Registrar) announced that no penalties would be imposed for failures to comply with filing requirements under its interim register for Beneficial Ownership (BO) information.

Penalties will be imposed after the final register is in place, the exact date of which will be announced by the Registrar in due course. It is highlighted that any penalties will not be imposed retroactively once the final register is established.

The Registrar has also clarified that in cases where a company has been struck off or dissolved due to the completion of the liquidation from the register of the Registrar of Companies, there is no obligation to enter the data in the BO register and subsequently no penalties will be imposed either.

A section on the BO register that contains detailed information from the Registrar is available here; the official announcement is here.

Our previous blog posts can be found here, here, and here.