According to the requirements of Law No. 112/2020 and the VKM no. 1088, dated 12.24.2020 All reporting entities must register your beneficial owner(s) in the Beneficial Owners Register (BOR).
The registration procedure will be carried out electronically by the authorized person for this purpose through the e-albania government platform, by filling out application forms and the accompanying documents as defined in the Decision. The application form must be electronically signed by the applicant who must apply through the e-albania portal to be equipped with electronic crime.
You should take into consideration that, beneficial owner is the individual who has in ownership or checks the last one your subject, through direct or indirect ownership of 25 % or more, to
- stocks/quotes;
- participation in your entity's capital;
- voting rights; or
- benefits from transactions carried out by your entity on its behalf.
Direct ownership, is the ownership held by an individual of 25% or more of the shares/quotas of capital or ownership interests in a reporting entity
Indirect ownership, is the ownership or control exercised by the same individual in one or more legal entities, which separately or together hold 25% or more of the shares/quotas of capital or ownership interests in your entity.
Meanwhile, with control, shall be understood as control or ownership in a legal person, trust, or other legal arrangement.
In case indirect ownership is exercised through a trust, you must identify and record the beneficial owner:
- Creator;
- the guardian/trustee;
- the defender, if any, and the
- the beneficiaries, or where the persons who benefit from the legal arrangement or entity have not yet been determined, the class of persons whose primary interest the legal arrangement or entity was created or operates for.;
- or any other individual who exercises ultimate control over the trust by direct or indirect ownership or by other means.
In the application, it must be attached necessary accompanying documentation, such as:
- The identification document of the individual registered as the beneficial owner and your entity's extract;
- extract of the legal entity owned by the registered individual and resulting partner/shareholder in your entity (indirect ownership);
- company statutes/internal acts;
- contract or any other document that proves that the registered individual is the beneficial owner of your entity, according to direct or indirect ownership.
Note: If you are unable to identify the individual holding 25 % or more, you must identify and record as beneficial owner the individual who:
- determines decisions made or
- It controls in every way the selection, appointment, and removal of most decision-making and/or executive bodies
If the beneficial owner cannot be identified even in this case, then you must identify and register the individual holding the highest management position(s) as the beneficial owner.
In these two cases, you should also charge:
- written declaration signed by your legal representative, precisely outlining the steps taken to identify the beneficial owner, as well as the reasons for identifying them in this position
- documentation proving the control/leading position of the individual registered as the beneficial owner in the reporting entity (as applicable).
Applications and accompanying documents in electronic format are reviewed within two working days by authorized clerks of the National Business Center (NBC), who decide on their approval or rejection according to the requirements of the DCM. This decision is published in the Public Registration Portal and you will also be notified via the email address you declared.
Please ensure the application is completed within the 60-day period from the establishment of the RPP (Commercial Enterprise Registration) as per Article 15 of the law, as otherwise, it will be subject to penalties as defined in Article 13 of Law no. 112/2020, and service interruption at the Commercial Registry until the data is registered and the obligation is settled.
Source: National Business Center
We are here to help and will always make time to answer any of your questions. Please feel free to call or write to us at any time regarding matters where we can be of assistance. Contact me