Procedure for registration of ubo’s in Romania
Business lawyer in Romania. Ubo register in Romania
An ultimate beneficial owner in Romania (UBO) is the individual who ultimately owns or controls a company, whether it is a limited liability company in Romania (LLC), a joint-stock company in Romania, or a partnership. The procedure for registration of UBO’s is regulated by law and is essential for combating anti-money laundering (AML) and terrorism financing, ensuring transparency regarding the structure and organization of a Romanian company. The ultimate beneficial owner declaration (UBO Statement) is submitted to the ubo register in Romania at the Romanian Trade Register along with all the other necessary documents for company incorporation in Romania and must be updated annually, following the process of updating the UBO declaration, depending on changes in the shareholding structure.
The Romanian law firm Pavel, Mărgărit and Associates recommends working with a corporate lawyer in Romania, a business lawyer in Romania, or a commercial lawyer in Romania for drafting and submitting the ultimate beneficial owner declaration to the UBO register, ensuring that all legal procedures are followed, and minimizing the risks related to anti-money laundering (AML), which could affect the company’s operations during the company formation process.
Corporate lawyer in Romania. Ultimate beneficial owner declaration for limited liability company in Romania
The standard form for completing an ultimate beneficial owner in Romania (UBO) Statement can be obtained from the Romanian Trade Register or downloaded from their website, with the completed document then being submitted to the ubo register in Romania either electronically or through postal or courier services. The ultimate beneficial owner declaration can be executed as a private document with a handwritten signature or signed electronically. Additionally, the submission of the ubo Statement to the Trade Register can also be done physically, either in person or through a representative. However, the document must have a certified date and be attested by a corporate lawyer in Romania or a public notary. The ultimate beneficial owner declaration includes the company’s identification details and the identification of the individuals who qualify as the ultimate beneficial owners, as well as the percentage or control exercised by them in the company.
As previously mentioned, the procedure for registration of UBO’s must be fulfilled by all companies registered with the Trade Register, such as an LLC, joint-stock company in Romania, or partnerships. However, to ensure a stricter control aimed at anti-money laundering (AML) efforts, the law has also mandated the submission of an ultimate beneficial owner declaration for associations and foundations, with the stipulation that these are filed with the Ministry of Justice, where foundations are registered. The only entities exempt from the obligation of ubo registration are state-owned companies or commercial companies wholly owned by the state, or other entities regulated by law that are not subject to the ubo Statement requirement.
Collaborating with a commercial lawyer in Romania or a business lawyer in Romania is essential for drafting and submitting the necessary documents related to company formation or ubo registration to ensure legal compliance and avoid significant administrative penalties that may result from non-compliance with the legal provisions regarding the procedure for registration of UBO’s for an LLC, joint-stock company in Romania, or partnerships.
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Commercial lawyer in Romania. Procedure for registration of ubo’s
The ultimate beneficial owner in Romania (UBO) Statement is first submitted at the time of company incorporation in Romania, and then it must be updated annually or whenever there are changes in the shareholding structure. The Romanian Law Firm Pavel, Mărgărit and Associates recommends consulting a commercial lawyer in Romania to ensure that the ultimate beneficial owner declaration update process applies to the specific changes occurring within your company and that you meet the deadlines imposed by current legislation regarding the ubo Statement.
In this context, there is a specific deadline for the ubo Statement, which is 15 days from the approval of the annual financial statements. In cases where the ultimate beneficial owner declaration needs updating due to changes in the company’s leadership, the 15-day deadline still applies, starting from the date of the change.
The Romanian Law Firm Pavel, Mărgărit and Associates offers high-standard legal services in various practice areas, including those related to the procedure for registration of UBO’s or updating the ubo Statement in the ubo register in Romania. Our team demonstrates a comprehensive understanding of the regulations regarding company formation, providing clear and efficient legal solutions to all clients seeking the services of a corporate lawyer in Romania or a business lawyer in Romania.
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