RCBE: reporting obligations for companies, associations and foundations

Under Law No. 89/2017 of 21 August, commercial companies, foundations, associations, trusts and other centres of collective interests without legal personality are required to declare sufficient, accurate and up-to-date information about their beneficial owners, within 30 days of their incorporation, on the RCBE (Central Register of Beneficial Owners) electronic platform.

The beneficial owner is the person or individuals who ultimately hold ownership or control of the client and/or the person or individuals on whose behalf a transaction or activity is carried out.

After the initial declaration, if there is any change regarding the beneficial owner, this must be declared within a maximum period of 30 days after the change occurs.

Furthermore, it is required that a confirmation declaration be submitted by 31 December each year, unless a declaration of change has been submitted during the year, and provided that there have been no changes by the end of the year.

Proof of registration and respective updates of beneficial owner must be required in all circumstances in which the law requires proof of regularized tax status.

Furthermore, in the event of failure to comply with these reporting obligations, entities will be prevented from, among other things, intervening as a party in any transaction whose purpose is the transfer of ownership of real estate and from distributing profits.

Andreia Baiao

Fully qualified lawyer