Due date for submitting the declaration of the real beneficiary for companies incorporated before Law 129/2019 entered in force is November 1, 2020.
The following companies are not obliged to submit the declaration:
- company listed on a regulated market that is subject to disclosure requirements consistent with Union law or subject to equivalent international standards which ensure adequate transparency of ownership information.
- Autonomous administration, national companies, or companies fully or in majority own by the state.
- Companies with individuals as shareholders, only when they are the sole real beneficiaries.
Our team of professional is available for any clarifications or additional details required in your analysis. The above information represents just a summary of aspects we consider relevant in the recently published legislation. This is not exhaustive disclosure of information and it is not intended to be used as advice on any particular matter. We invite all readers to contact us for further clarification of any specific issue. Argus Audit team and its associates disclaim liability in any action taken by a third party in reliance exclusively on summarized information presented in our publications.