UBO register changes and an overall companies law overhaul to protect shareholder rights are on the agenda in Lithuania, according to Sorainen Partner Evaldas Dūdonis.
“This January saw the introduction of the UBO register, with a rather rudimentary initial version only applying to entities owned by one single natural person,” Dudonis begins. “Subsequently, in May, new aspects were added to it that made it a bit too inquisitive – requiring information on every ownership chain member entity and CEOs, including addresses, passport copies, and tax residence info.”
Dudonis reports that, during the summer, there has been a “vibrant public debate about whether or not the UBO register is too harsh.”
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