As we announced in the past, Law no. 129/2019 for the prevention and combating of money laundering and financing terrorism, as well as for the modification and completion of some normative acts, which entered into force on July 21, 2019, specifies that there had been introduced the declaration regarding the beneficial owner that the Romanian companies are obliged to submit to the Trade Registry Office (ORC) from which they are part of.

We would like to bring to your attention that ORC already requests the declaration
regarding the beneficial owner to all companies that require their registration in the Trade Registry, issuing a form in this respect that the legal representative of a company in course of formation can sign in front of the ORC representative. If the administrator does not want to submit the form to ORC he has the option to give the declaration regarding the beneficial owner in front of a public notary and to submit it afterwards to ORC together with the file for the company’s registration.

According to Article 56 of Law no. 129/2019, the legal entities subject to registration in the Trade Registry, excepting autonomous administrations, national companies and companies wholly or mainly owned by the state, shall submit upon their registration, annually or every time there is a modification on the declaration regarding the beneficial owner of the legal entity, subject to the registration in the Registry of companies beneficial owners. This declaration must contain the identity details of the beneficial owners, and also the methods in which the control is being exercised. The identity details shall comprise: name, surname, date of birth, personal identification number, series and number of the identity document, citizenship, domicile, residence.

Deadlines for submitting the declaration regarding the beneficial owner:

• at the company’s registration;
• 15 days from approval of the annual financial statements;
• 15 days from the modification of the identity details of the beneficial owner

The deadline for submitting the declaration on the identity details of the beneficial owner for the legal entities registered in ORC at the date of entry into force of the new provisions is of 12 months, namely July 20, 2020.

Non-compliance by the company’s administrator of the obligations mentioned above represent contravention and is sanctioned with fine from 5,000 lei to 10,000 lei.

Our company can provide assistance regarding compliance with this legal obligation. We remain at your disposal for any further information you may require.