Categories: Blog
Hello, business owners and entrepreneurs! Today, we want to remind you about the importance of complying with a fundamental requirement in Costa Rica: the final beneficiaries declaration. At ERP Lawyers, we understand that legal terms can be confusing, so we’ll explain it to you in simple terms.
What does this declaration involve? Basically, it is a document that all companies must submit to the Central Bank. In this document, you need to detail who the shareholders are that make up the company’s capital, as well as the beneficial owners. It’s like a complete picture of who stands behind your business.
Now, let’s go over the key moments when you need to submit this declaration. Take note!
- When a corporation is formed for the first time: If you’re in the process of creating your company, make sure to submit the transparency and final beneficiaries declaration to the Central Bank. It’s an important step that you cannot overlook.
- If there is a change in the share capital equal to or exceeding 15%: Imagine you decide to make changes to your company’s structure that result in a change in the share capital of 15% or more. In that case, you have 15 business days from the date of registration in the respective legal book to submit the declaration.
- If there are no changes in the share capital: If your company has not experienced any changes in the share capital, no need to worry. You only need to submit the declaration once a year, and for this year the deadline is up to 30th June! It’s an important annual reminder to keep in mind.
Now, here’s the most important part: failure to comply with this obligation can lead to fines. The penalty can range from 3 to 100 base salaries, which can amount to a significant sum! The maximum fine is ₡46,220,000.00, approximately US$78,206.00. So, avoid problems and keep your affairs in order.
In summary, the final beneficiaries declaration is a crucial procedure for all companies in Costa Rica. Don’t miss the deadlines and avoid unnecessary penalties. If you have any questions or need personalized advice, feel free to fill out the form, and our team of lawyers will contact you to provide guidance and assist with the submission of your company.
Don’t hesitate to take action! Ensure compliance and peace of mind for your business. Contact our team of lawyers today!” by email at info@erplawyers.com
