Mandatory electronic registration for legal entities up to 30/06/2019 (extended period). This registration aims at transparency in business relations to prevent money laundering and terrorist financing. With the publication of Law no. 89/2017 of 21 August, which transposed Directive (EU) 2015/849 into Portugal, the Legal System for the Central Registry of Beneficial Owner (RCBE) was created and, with it, a new obligation arose for legal persons registered in Portugal: the Central Register of Beneficial Owner.

The Registry and Notary Institute (Instituto dos Registos e do Notariado) is responsible for the management of this Central Registry which will be available for consultation by legal and police authorities, as well as by the Tax Authority. The purpose of this database is to be aware of the individual persons who in fact control their management and who are the final beneficiaries of the activities of legal persons, irrespective of their legal form or how they are related to these. Any change to company information or that of its beneficiaries must be registered within 30 days; starting in 2020, the data will be confirmed annually by 15 July.

The consequences of non-compliance imply fines that can reach € 50,000.00 and any entity that does not register will be prevented from accessing European funds, supplying to the State, distributing their profits and will not be issued a statement concerning their situation being regularized with the Tax Authority.

I Câncio Advogados has supported its clients in this MANDATORY ELECTRONIC REGISTRATION as well as in the INTERNAL REGISTRATION OF THE ENTITY that the company must organize and keep updated, which must include the identification elements of each partner, with a breakdown of their respective shareholdings as well as natural persons who, directly or indirectly, benefit from or have actual control of the entities concerned. We can support you if you so wish!

Ana Soares Baeta