As we have already indicated in our Newsletter No. 30/2019, every company entered into the National Court Register, e.g. all limited liability companies, shall report information on beneficial owners to the Central Register of Beneficial Owners by April 13th, 2020. Since we already advise our clients on the reports, we signal that the process of collecting and analyzing data needed to prepare a report is very time-consuming. Also in practice there are considerable doubts about the interpretation of provisions that introduced the abovementioned obligation. Therefore, we recommend not delaying the preparation of the report until April 2020. All the more so that the entities, that will not comply with the obligation to report the abovementioned information, will be subject to a fine of up to PLN 1,000,000.