Amendments regarding the filing of Ultimate Beneficial Owner statement for Romanian companies18 May 2021
Starting with 30 April 2021 Law no. 101/2021 for the approval and amendment of the Government Emergency Ordinance no. 111/2020 has entered into force. As such, the Romanian companies will have to submit upon incorporation, annually or whenever there is a change, a statement on the ultimate beneficial owner (“UBO statement”).
Autonomous administrations, national companies, and companies wholly or majority-owned by the state, as well as companies listed on a regulated market that are subject to disclosure requirements in accordance with European Union law or equivalent international standards that ensure proper transparency of information on the exercise of ownership are exempted from the obligation to submit the UBO statement.
The exemption from submitting the UBO statement for commercial companies consisting only of individuals has been repealed, which means that these companies must declare the UBO from now on.
The annual UBO statement should be submitted with the Trade Registry in which the company is registered within 15 days from the approval of the annual financial statements. If changes are made to the identification data of the UBO, the statement must be submitted within 15 days from the date on which the change occurred.