A new database has been introduced to hold information about the people who own or have effective control over companies and other legal entities. The deadline for entities subject to commercial registry is now October 30 2019 and the deadline for all other entities is November 30 2019.
Legislation creating the Central Register of Beneficial Owners addresses the need for international business transparency and compliance to prevent money laundering and terrorist financing.
The following entities are subject to the CRBO:
• Associations, co-operatives, foundations, civil and commercial companies
• Representations of foreign legal entities operating in Portugal
• Other entities that do not have corporate personality
• Trusts and branches registered in the Madeira Free Zone.
Services and entities of central, regional and local administration bodies, other public entities, listed companies, consortia and complementary groupings of companies, as well as certain property condominiums are exempted from the CRBO.
The declaration on beneficial owners must include all the relevant information on:
• The entity subject to the CRBO
• In the case of companies, the identification of the holders of the share capital, detailing their shareholdings
• The identification of the managers and directors or whoever performs the management or directorship duties of the entity subject to CRBO
• The beneficial owners
• The identity of the person making the declaration.
Some, but not all, of the information contained in the CRBO will be publicly available on a website including the name of beneficial owners, the month and year of their birth, nationality, country of residence and economic interest. Access to data relating to individuals may be wholly or partially limited if the disclosure is likely to expose the person to fraud, abduction, extortion, violence, intimidation, or when the beneficiary is minor or incapable.
Failure to comply is punishable with a fine ranging from € 1,000 to € 50,000.
Managing Director of ILS World in Portugal, Paulo Réfega said: "The original deadline to register information had been June 30 2019 and in the past few weeks there has been a surge in activity. To try and improve the flow of data and to help prevent a bottleneck the deadline has been usefully extended. As an international fiduciary ILS World embraces the process of bringing us into line with international standards and this latest move is just another practical example of the advantages to working in Portugal."
For further information please contact Paulo Réfega at firstname.lastname@example.org