Thursday 17 June 2021

Shareholders Registry Projecting Backlogs in Costa Rica

Businessmen are asking for an immediate extension in the application of any fines, as many representatives of companies have not yet obtained their digital signature and at this time, there is no capacity installed in the authorized posts.

Since September 1, the process of registration of approximately 370,000 legal entities began. They will have the obligation to comply with the “Registro de Transparencia y Beneficiarios Finales” (Registry of Transparency and Final Beneficiaries), and the legal documents ending in 0 and 1 should have done so first.

For the Costa Rican Union of Chambers and Associations of the Private Business Sector (UCCAEP), an extension must be granted immediately in the application of possible fines, since the paradigm change when the corporation disappears and the registration of shareholders is forced, implies fundamental and strategic changes for companies, in addition to the process, has generated legal insecurity.”

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Alvaro Sáenz, vice-president of UCCAEP, explained that “… one of the main drawbacks for businessmen is the fact that the Instituto Costarricense contra la Drogas (ICD) – Costa Rican Institute against Drugs, the Ministerio de Hacienda (Ministry of Finance) and the Banco Central (Central Bank) delivered in August the quality certifications required by law on the safekeeping, custody and restricted access to information of the obligated, which caused an atmosphere of uncertainty in companies that did not promote obtaining the digital signature or begin the registration process.”

The statement adds that “… Proof of this is that to date there are many representatives of companies that have not transacted their digital signature and at this time, there is no capacity installed in the authorized posts in some banks to complete all the pending requests.

The private sector is also pointing out is the weak disclosure that government authorities have given and other instances on the process. Also, according to Saenz, the UCCAEP are in the process of analysis with several specialists on the certifications to determine the quality and safety of them, because that is a requirement of law.”

Legal entities and structures, trusts, non-profit organizations and third-party resource managers are required to provide the information. The legal representative is responsible for the registration, for which they must have a valid digital signature certificate for natural persons. If the legal representative (appointed by law) is unable to make the declaration, he/she may appoint a third party before a notary to do so.

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