Austria (AT)

Jurisdiction Overview

IDQuestionAnswer
471 *BO Record: Does the registration of domestic companies comprise beneficial owner's identity information? Yes, more than 25%. All companies require recording of all beneficial owners at threshold of more than 25% (FATF).
 Data Date: 2018

Notes

 
In 2018, the Global Forum confirmed that "The Beneficial Ownership register, introduced in 2017, has full effect since 1 June 2018" (GF 2018: 32); and reported that, under Article 2 of the Beneficial Ownership Act, the beneficial owner is identified as: "1. any natural person who directly or indirectly owns more than 25% of the shares of the company; 2. any natural person who directly or indirectly exercises control over this legal entity. Control is considered to exist in the case of a shareholding of 50% plus one share or an ownership interest of more than 50%, held either directly or indirectly. Furthermore, control shall also be deemed to exist when the criteria pursuant to Article 244 para. 2 UGB are met, or where a function is exercised within a trust or a foundation acting as the ultimate legal entity. Otherwise control can be exercised as a trustor or where a comparable person exercises control by means of a trustee relationship or a comparable legal relationship; 3. If the above two categories cannot be identified, then the natural persons that belong to the top management level of the company, but only once all possible means have been exhausted and where no grounds for suspicion exist, that no person above-mentioned in a) and b) can be identified; 4. By the most recent amendment of the Beneficial Owner Registry Act, published on 14 June 2018, in the Federal Law Gazette Nr. I 37/2018, the definition of beneficial owner has been extended to include control through other means, by amending the ยง 2 (1) (a). This definition of control through other means will be in force as of 1 August 2018. With this amendment, control will also include cases, such as the financing of the entity or informal nominees." (Ibid.: 33-34).

Sources

GF 2018: 32-34
 
https://english.bmf.gv.at/financial-sector/wiereg/carousel/348067.html
 
https://www.ris.bka.gv.at/GeltendeFassung.wxe?Abfrage=Bundesnormen&Gesetzesnummer=20009980