New government requirement for the corporations and legal entities

New government requirement for the corporations and legal entities

During the first trimester of 2019, all the corporations and legal entities have the obligation to provide to the Tax Administration, to the Costa Rican Drugs Institute, and to the Central Bank of Costa Rica, the capital stock of each company in order to identify the final beneficiaries of each entity.

The legal officers that hold the power to act on behalf of the companies have the obligation to comply with this requirement before the Final Beneficiaries and Transparency Registry using the electronic signature. Therefore, all the legal officer that hold the power to act on behalf of their entities, must obtain an electronic card for the electronic signature in the offices authorized by Banco Central de Costa Rica.

The companies that fail to comply with this requirement, would not have access to obtain certificates of good standing and/or certificates of incumbency to perform their day-to-day procedures neither by the National Registry nor by a Notary Public until the information is provided.

To obtain legal advice on this topic or any other topic regarding Costa Rican Corporate Law, please do not hesitate to contact us.

Andrea Castro
Attorney
andrea.castro@guardiamontes.com

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