Tuesday, 22 September 2020

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.”

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.”

- paying the bills -

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.

- paying the bills -
- paying the bills -

Related Articles

Costa Rica Shareholder Registration Begins in September

As of September 1, approximately 370,000 sociedades anónimas or S.A.'s (corporations)...

Costa Rica Shareholder Registry Approved

Q COSTA RICA NEWS - The bill to improve the fight...


Canadians flying to Costa Rica with Air Canada will have free COVID travel insurance

(QCOSTARICA) As part of its return to international flights, Air Canada will provide free travel insurance to its customers for new bookings made between...

Allison Bonilla case: OIJ did not find anything in an alleged grave located by the search team

(QCOSTARICA) An inspection with a dog trained to detect human remains, allowed the Judicial Investigation Agency (OIJ) to rule out finding the remains of...

COVID-19 has sent 5,000 people to hospital in Costa Rica

(QCOSTARICA) Almost 5,000 people in Costa Rica have occupied hospital beds due to COVID-19, reveals the Caja Costarricense de Seguro Social (CCSS). According to data...

10 points to Costa Rica’s migratory situation in the face of COVID-19

(QCOSTARICA) Since last March 6, when the first case of positive case for Coronavirus was reported in Costa Rica, unleashed was a series of...

It’s Autumn and Time to Buy Winter Clothes

For parents of toddlers, autumn is the time to get ready for the upcoming cold season. In northern regions, this is particularly important. Active...

Covid-19 infection rate generally low in Costa Rica, but increases in coastal sites

(QCOSTARICA) The contagion rate of covid-19 in Costa Rica decreased slightly in the last week. However, it is worrisome that coastal areas, with an...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.