JANGIS – the database for registering beneficiaries of legal entities has been launched in Lithuania

published on 14 March 2022 | Reading time approx. 2 minutes

After almost two years delay, the Lithuanian commercial register has finally implemented a newly developed subsystem called JANGIS, which collects data on the beneficiaries of legal entities.

Pursuant to the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania, all legal entities established in Lithuania are obliged to obtain, update and store accurate information about their beneficiaries and to submit this information to the Lithuanian commercial register.

Who are considered to be beneficiaries:

a natural person who owns or holds more than 25 per cent of the shares of a legal person;
a natural person who otherwise controls the legal person, for example, by having the right to appoint or dismiss the legal person's director or to take strategic decisions;
a natural person who exercises control over a legal person through other rights, such as being its manager, chairman or member of the board of directors or other collegiate body.

The reporting of beneficiaries is done in phases. From May 2022 onwards, legal persons of all forms whose beneficiaries are natural persons directly and indirectly controlling them, will have to submit data on beneficiaries to the Lithuanian commercial register.

What data of beneficiaries shall be submitted:

name
residence address
nationality of the beneficiary
country of residence for tax purposes

Non-compliance with the requirements above and non-disclosure of information is punishable by a fine under the Code of Administrative Offences of the Republic of Lithuania of EUR 500 to EUR 2,400 for individuals, and EUR 2,100 to EUR 6,000 for managers of legal persons. Repeated offences are punishable by fines of between EUR 1,500 and EUR 5,200 for individuals and between EUR 3,500 and EUR 5,800 for managers of legal persons.

All data on beneficiaries shall be submitted through an electronic system of the Lithuanian commercial register only.

We will gladly support all of our clients in providing assistance in compliantly submitting the necessary information on beneficiaries to the Lithuanian commercial register.

Read more in our brochure Jangis: The subsystem of ultimate beneficial owners »