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

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