As from 16th June 2020, the Registrar introduced a new obligation whereby a Maltese company shall, in addition to the UBO register referred to above, also file a BO Annual Confirmation Form upon each anniversary of its registration. The BO Annual Confirmation Form is to be submitted together with the company’s annual return and is to be delivered to the Registrar for registration within 42 days after the date to which it is made up.
The Registrar has also increased fines for non-compliance with the provisions relating to the UBO register to EUR 5,000 for the first day and a further EUR 100 daily penalty until the requisite UBO form is filed. Both the company and every company officer shall be jointly and severally liable to penalties for non-compliance.
In addition to the above, where a company fails to provide information on its UBOs, the Registrar will inform the company that he is not in receipt of the information on the UBOs, and if the Registrar does not receive the requested information within 1 month from such information request, the Registrar will publish a notice on the Government Gazette or on the Malta Business Registry website and in a daily newspaper so that such company will be struck off from the register upon the lapse of 3 months from such publication, with the assets of such company devolving upon the Government of Malta.