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“Last Call” to register the beneficiary owner

On 31st October 2019 will end the extended deadline for the registration of the beneficiary owner. Law No. 89/2017 of 21 August approved the regime of the beneficiary owner (hereinafter “RCBE”). The purpose of this regime is to identify who, ultimately, owns or controls a company or entity.

We remind that, according to articles 3 and 7 of RCBE, all the entities subject to commercial registry in Portugal are forced to proceed with the registration of the beneficiary owner. Initially, the deadline for the registration was 30th June 2019, but it was extended to 31st October 2019. If this duty is not met, sanctions may apply, such as the prohibition to distribute dividends, to hire goods or services that belong to the State, and a fine that can reach 50 000.00 euros.

The content of this information does not constitute any specific legal advice; the latter can only be given when faced with a specific case. Please contact us for any further clarification or information deemed necessary in what concerns the application of the law.

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