The transparency register is a key instrument in the fight against money laundering in Germany and the EU. It was introduced on June 27, 2017 and is used to record the beneficial owners of companies.

Who is affected by the obligation to register in the Transparency Register?

The transparency register affects a large number of legal entities under private law and registered partnerships in Germany. These include, among others, stock corporations, limited liability companies, associations, cooperatives, foundations, the European Company (SE) or European Cooperative Society, general partnerships (oHG), limited partnerships (KG) and partnerships as well as foundation-like entities and certain trusts.

Foreign companies with real estate property in Germany or an participation in a company with real estate property in Germany are also subject to the obligation to report in the Transparency Register.

Time staggering of the obligation to register in the transparency register

The obligation to register in the transparency register is staggered over time. The last transitional period for the obligation to register ended on 31 December 2022.

For foreign companies with real estate property in Germany or an participation in a company with real estate property in Germany, on the other hand, the registration deadline ends on 30 June 2023.

Fines

Heavy fines may be imposed on those who have not registered in time,

• after 31 March 2023 for public limited companies (AG), European public limited companies (SE), and partnerships limited by shares (KGaA),
• after 30 June 2023 for limited liability companies, cooperatives, European cooperatives or partnerships; and
• after 31 December 2023 for general trading partnerships (oHG) and limited trading partnerships (KG).

Practical recommendation

Affected companies that have not yet reported to the transparency register should do so as soon as possible.

We are more than happy to support you in complying with the legal obligations. We provide comprehensive advice on the requirements of the transparency register and assist with timely and correct registration. Furthermore, we are at your side to avoid possible fines and to ensure that you comply with all legal requirements.

Do not hesitate to contact us if you have any questions about the transparency register or need support in complying with your legal obligations. We are at your side with our expertise and experience.

Contact: Frank Geiser, Mario Rokos, LL.M.