Thus, the following entities are required to register their beneficial owners: (i) companies, (ii) associations, (iii) foundations, (iv) religious entities, and (v) branches of foreign commercial entities.
According to the new Regulation, the deadline for the first submission has already passed. However, we would like to draw your attention to the fact that this is a periodic reporting obligation, with submissions due as follows:
- Annually, in the month of the entity's incorporation; and
- Within 30 days after any changes to the last submitted declaration.
Failure to meet the applicable deadlines and/or the providing false information prevents the entities concerned from carrying out other registration procedures, such as registering members of the governing bodies or the deposit of annual accounts with the Legal Entities Registry Office, and may also result in fines being imposed.
For any additional information, please reach out to:
Legal Matters Portfolio
Member – Suheil M. Salém
Cell phone – 849277937
