All corporations and other legal entities operating in Italy (including associations, foundations, other private entities with legal personality) and also trusts, must communicate information and data of their beneficial owners to the Beneficial Ownership Register, at the territorially competent Chamber of Commerce.
The communication must be accomplishes no later than 11th December 2023, exclusively ONLINE. No proxy is accepted.
For this purpose, it is necessary to have a digital signature kit and a certified E-Mail address (PEC) (to receive official communications from the Chamber of Commerce).
This obligation has a substantial impact on international business, because it also applies to small subsidiaries and affiliated companies, which are based in Italy.
Purpose of the Beneficial Ownership Register is to provide transparency in the control and structure of corporate and other legal entities, according to anti- money laundering legislation (and the financing of terrorism).
The information on the Beneficial Owner must be always up to date. Therefore, legal entities must notify any change in their Beneficial Ownership within 30 days, or confirm the beneficial ownership on an annual basis.
For legal entities, the beneficial owner is the natural person or natural people who own directly or indirectly the legal entity, or have control over it.
Where it is not possible to identify a Beneficial Owner on the basis of such criteria, the Beneficial Owner shall be the natural person or natural people who have the power to legally represent, manage or direct the legal entity.
The sanction for breaching this communication obligation is between 103 to 1,032 Euros for each person subject to the communication obligation.
Contact Dusilaw Legal&Tax to know more about the Beneficial Ownership Register and your communication obligations in Italy.