In the current regulatory concerning anti-money laundering (AML) in Romania and counter-terrorist financing (CTF) measures, transparency in the ownership structure of companies is paramount. In Romania, Law No. 129/2019 mandates the declaration and registration of the beneficial ownership of companies under specific conditions. In response, the Romanian Law Firm Pavel Mărgărit and Associates offers comprehensive services for the registration of ultimate beneficial owner in Romania, including detailed guidance on legal obligations, preparation and drafting of necessary documentation, submission of the ubo statement to the Trade Register and updates reflecting changes in the structure of ubo’s.

Procedure for registration of ubo’s

Ultimate beneficial owner in Romania is the individual who directly or indirectly holds a significant percentage of a company’s share capital or voting rights. The identification and declaration of ultimate beneficial owner in Romania are essential in preventing illicit activities such as money laundering and terrorist financing. Law No. 129/2019 requires all companies in Romania to declare and register their beneficial owners in ubo register in Romania to promote economic transparency and facilitate the monitoring of financial activities. Failure to comply with the obligation to register or update the ultimate beneficial owner declaration may result in significant administrative sanctions.The Romanian Law Firm Pavel Mărgărit and Associates provides full legal assistance to clients in fulfilling this requirement, managing the entire procedure for registration of ubo’s. A corporate lawyer in Romania works to identify, based on the company’s founding documents, the individual who qualifies as the ubo in a limited liability company (LLC), joint-stock company or general partnership.

Deadlines for the ultimate beneficial owner declaration and penalties for non-compliance

The ultimate beneficial owner declaration must be filed in ubo register in Romania within 15 days of a company incorporation in Romania, and any changes to the ubo must be reported within 15 days of the modification. Filing the ultimate beneficial owner declaration is a critical step in the company formation process, as it allows authorities to identify the individuals who exercise effective control over the company, either through shares or voting rights. The information provided must be accurate, complete, and up-to-date, reflecting the true ownership and control structure of the company. Failure to file or update the ultimate beneficial owner declaration in ubo register in Romania can result in severe penalties, including administrative fines. In extreme cases, non-compliance can even lead to the dissolution of the company. A corporate lawyer in Romania can provide legal advice on the preparation and submission of the ubo statement and assist with the entire procedure for registration of ubo’s.

“Consulting a business lawyer in Romania is essential when starting the procedure of company incorporation in Romania and submitting the ubo statement. A business lawyer in Romania can assist with drafting the necessary documents for submission to the Trade Registry and offer legal guidance on various commercial matters, company formation in Romania, anti-money laundering (AML) compliance and updating the ubo register in Romania ” stated Dr. Radu Pavel, Managing Partner at Pavel, Margarit and Associates Romanian Law Firm.

The Romanian Law Firm Pavel Mărgărit and Associates offers specialized legal services for company formation in Romania and the registration of beneficial ownership with the Trade Registry. Whether you require assistance with forming limited liability company (LLC), joint-stock company or general partnership, changing the headquarter of the company in Romania or updating the ubo statement, we are here to support you. Contact us via the form available at https://avocatpavel.ro/contact/ .

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Registering and updating beneficial ownership information is a fundamental legal obligation for all companies in Romania. Ensuring compliance with these requirements is essential to maintaining the transparency and legality of your company’s operations. Partnering with a commercial lawyer in Romania and a business lawyer in Romania from Pavel, Margarit and Associates Law Firm is vital to ensure adherence to all legal regulations. With their expertise, the registration of ubo statement will be handled efficiently and in full compliance with the applicable legislation.