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The deadline of the declaration regarding the beneficial owner for NGO's will be postponed

At its meeting of 14 August 2020, the Government adopted a new Emergency Ordonance to amend the deadline for the submission of the declaration for the beneficial owner for the legal persons that are not profit based (mainly NGO's) and it was decided to extend the deadline for the submission of the declaration from 17 August to 1 November 2020.

The single article of the regulatory act provides for:

'For 2020, the deadline by which the declaration on beneficial ownership, referred to in Article 34, paragraph 4, of the Government Order 26/2000 on associations and foundations, approved with amendments and supplements by Law 246/2005, as amended, and completed, shall be submitted on 1 November 2020.

The form of the declaration should mandatory be authentic, made in front of a notary.

The concept of beneficial owner includes, in the case of non-profit legal persons:

  1. associations or founders;
  2. the members of the Governing Board;
  3. the executive persons appointed by the Governing Board to carry out its duties;
  4. in the case of associations, the category of natural persons or, where appropriate, natural persons in whose main interest they are established, that is, in the case of foundations, the category of natural persons in whose main interest they are established;
  5. any other natural person who ultimately exercises control of the non-profit legal person by any means.

Procedure for submission of:

The non-profit legal entity should issue a decision in which:

  • Empowers a person from the Board of Directors to issue a certified declaration of beneficial ownership to the notary;
  • The empowered person declares who are the beneficial owners;
  • the identification of the beneficial owner to be included is: Surname, first name, date of birth, personal identification number, identification number, identification number, nationality, place of residence or residence (in accordance with Article 7 (2) (c2);
  • the notary draws up the certificate;
  • the certified declaration must be communicated by post or courier to the Ministry of Justice, 17, Sector 5, Bucharest Street, Apolodor Street.
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