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New UBO Register established in Lithuania
From January 2022 a new UBO Register (Information Sub-system of Legal Entities Beneficial Owners – JANGIS) has been launched in Lithuania. Currently only UBOs (natural persons) can be registered in the initial stage, but later this year all direct and indirect UBOs can be registered according to the phases below:
- From 3 January 2022, Phase I, all legal entities (except for investment funds and investment companies) whose beneficial owners are individuals who have direct authority over them;
- From 1 May 2022, Phase II, all legal entities (except for investment funds and investment companies) whose beneficial owners are individuals with direct and indirect authority over them;
- From 1 August 2022, Phase III, all types of legal entities.
A member of the management of a Lithuanian company can file UBOs electronically (no paper copies) via JANGIS, or it can be done by a proxy (given by a management member) that must be registered with The Register of Legal Entities (Registru Centras). To access JANGIS and file UBOs, an electronic signature verified by a qualified certificate is required (provided by Registru Centras or by mobile carriers (mobile signature) or a Personal identity card issued by the Identity Documents Personalization Centre).