The deadline for the submission of the Declarations regarding the real beneficiary by companies, associations and foundations that would have expired on November 1st, 2020, was extended by a Government Emergency Ordinance published on Friday, October 30th, 2020, until 90 days from the state of alert expiration.
Starting with 2019, all the companies, associations and foundations were required to submit a Declaration on the beneficial owner. The initial term was 12 months and would have expired in July 2020, later being extended until November 1st, 2020.
The motivation for the further extension of this term lies in the fact that, although they had a term of more than 16 months, a small number of companies, respectively associations and foundations, fulfilled this obligation. There is a risk of their dissolution, in addition to financial penalties, which in the case of companies amounts to fines between 5,000 and 10,000 lei.
All the companies were initially required to submit these Declarations, after which the duty was excluded in respect to companies which have only natural persons as partners, and these are the only real beneficiaries. Also initially, the Declaration had to be submitted every year, within 15 days from the approval of the financial statements, this being subsequently canceled and replaced with the obligation to submit a new Declaration only to the extent that changes occur regarding the beneficial owner, within 15 days from the date of this change.
These Declarations may be signed under private handwritten or electronic signature and submitted in person or by courier. The obligation for these Declarations to be issued in authentic form before a notary public is no longer applicable.