Shareholders Registry: Projecting Backlogs in Costa Rica

Businessmen ask for an immediate extension in the application of any fines, as many representatives of companies have not yet managed their digital signature and at this time, there is no capacity installed in the authorized posts.

Friday, September 27, 2019

Since September 1, the process of registration of approximately 370,000 legal persons began. They will have the obligation to comply with the "Registry of Transparency and Final Beneficiaries," and the legal documents ending in 0 and 1 should have done so first.

For the Costa Rican Union of Chambers and Associations of the Private Business Sector (UCCAEP), an extension must be granted immediately in the application of possible fines, since the paradigm change when the corporation disappears and the registration of shareholders is forced, implies fundamental and strategic changes for companies, in addition to the process has generated legal insecurity."

Alvaro Sáenz, vice-president of UCCAEP, explained that "... one of the main drawbacks for businessmen is the fact that the Costa Rican Institute against Drugs (ICD), the Ministry of Finance and the Central Bank delivered until last August the quality certifications required by law on the safekeeping, custody and restricted access to information of the obligated, which caused an atmosphere of uncertainty in companies that did not promote obtaining the digital signature or begin the registration process.

The statement adds that "... Proof of this is that to date there are many representatives of companies that have not managed their digital signature and at this time, there is no capacity installed in the authorized posts in some banks to evacuate all pending in time.

Another sign that the private sector is making is the weak disclosure that have given the government authorities and other instances on the process. Also, according to confirmed Vice President Saenz, in UCCAEP are in the process of analysis with several specialists on the certifications to determine the quality and safety of them, because that is a requirement of law
."



More on this topic

Moratorium on Shareholder Registration

January 2020

In Costa Rica, the Legislative Assembly approved in first debate a bill to avoid fines for errors in the declaration of the shareholders' registry for two months.

In its first debate, the file 21,758 Law of Moratorium for the Application of Sanctions corresponding to the ordinary declaration of the 2019 period, related to the transparency and final beneficiaries’ registry, provided for in the Law to Improve the Fight against Tax Fraud, was approved. The initiative gives an extension for shareholders of corporations to submit their lists, before applying sanctions, reported the Legislative Assembly.

Costa Rica: Shareholder Registration Begins in September

August 2019

As of September 1, approximately 370,000 legal entities will be required to comply with the Registry of Transparency and Final Beneficiaries, with the legal documents ending in 0 and 1 being the ones that must do so first.

However, as of September 1, 2019, legal entities who prefer it, regardless of the last digit of their identity card, may make their declaration and send it in advance.

Shareholder Registration Postponed

February 2019

Because of doubts that have arisen in the business sector, in Costa Rica it was reported that the start of shareholder registration was postponed six months and will enter into force on September 1 of this year.

The aim of this process is to facilitate compliance with the obligation that companies must inform the Treasury on the composition of its share capital, as well as the identification of final beneficiaries, under the provisions of the Law to Improve the Fight against Tax Fraud, a statement from the Central Bank of Costa Rica (BCCR).

Costa Rica: Shareholder Registry Approved

December 2016

With the legislative endorsement of the law against tax fraud the Ministry of Finance will be able to have access to the list of shareholders of corporations, and the people behind other legal entities.

The bill which was approved in second debate by the Legislature stipulates: an obligation to accept as a method of payment, in addition to cash, credit cards and debit cards; an obligation to be up to date with tax payments before making contracts or applying for permits, concessions or authorizations with any state institution; the introduction of penalties for tax advisers engaged in illegal maneuvers to evade or reduce the amount to be paid by taxpayers; and strengthening of the processes of judicial collection.

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